With the last approval in hand, the company expects to have its development plan for site establishment and initial mining by the end of June.
Industrial metals company Aus Tin Mining (ASX:ANW) will move ahead with Stage 1 of its Taronga project after receiving the final regulatory approval needed from the New South Wales Department of Planning and Environment.
The Australian explorer’s flagship project is considered to be one of the largest hard rock tin projects in the world. Aus Tin has been working to get Taronga up and running by applying for the necessary permits and regulations since 2015.
Now, with the last approval in hand, the company expects to have its development plan for site establishment and initial mining by the end of June.
Funding for the mega project will come from a recently completed private placement and an announced share purchase plan.
“An enormous amount of work has historically been completed on the Taronga project by groups such as BHP (ASX:BHP,NYSE:BHP,LSE:BHP) and Newmont (NYSE:NEM), but Aus Tin Mining’s exciting program, including large scale trial mining and pilot processing, will aim to demonstrate the Proof of Concept that will enable the development of large-scale tin mining operations within one of Australia’s more productive tin fields,” Chairman Brian Moller said in an announcement.
Tin has performed well since the beginning of the year, gaining roughly 20 percent in the first quarter of 2019, but prices have begun to slowly come down. However, according to a recent mineral summary released by the US Geological Survey, tin consumption was slightly higher in 2018 despite production dropping 3,000 metric tons year-over-year.
Taronga has the potential to offer a sizeable tin resource to the market over a nine year period.
Shares of Aus Tin were up 20 percent Monday (May 13), trading at AU$0.01.
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Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.