Cloncurry Project in Australia
Located in northwestern Queensland, Australia, Cloncurry Project is a copper-gold mine proposed to be developed 95km northeast of Mount Isa. Figure 1 displays the location and nearby mines of the project, including 4 defined JORC compliant sulphide copper-gold deposits: Little Eva, Ivy Ann, Lady Clayre and Bedford. The project site is accessible by Burke Development Road in Quamby from an asphalt highway connecting Mount Isa and Cloncurry. Prospecting permit of Cloncurry Project covers a north-south corridor continuing for 100km with center at around 65km northwest of Cloncurry and 80km northeast of Mount Isa. The area is home to many deposits, including Dugald River zinc, lead and silver projects and Mary Kathleen, a former strip uranium mine. Other closed pit and ongoing mining operations in this area include Great Australian copper deposit and Ernest Henry copper-gold/ magnetite mine. The area covered by mineral rights is well supported by infrastructure around.
With Roseby as subject, a company owned by Altona Mining listed in Australia, the transaction is done by capital increase and share transfer. Roseby offered SRIG and Altona equities through private placement, and Altona acquired a 34% shareholding in Roseby through contribution by net asset value recognized by both parties and cash contribution while SRIG acquired a 66% shareholding by lump-sum cash contribution.