Mineral projects in Australia - including the conditional acquisition of the Gilded Rose Gold Mine Project near Cloncurry in Queensland - are to become the main focus going forward for Adelaide-based PepinNini Lithium Ltd. This new project direction for the company, together with a proposed Board restructure, are the key outcomes recently announced from a strategic review.
This new phase for the company will see the immediate suspension of the company’s current flagship lithium project in Argentina and the hunt from mid-year for a new Managing Director able to take the Gilded Rose Project into production and revenue generating phases.
The company will now focus on its projects in Australia and transition to a revamped Board with the requisite skills to evolve from explorer to producer and reward shareholders.
This process has already commenced with the signing last week of a conditional binding Term Sheet with Ausmex Mining Group Ltd to acquire the Gilded Rose Gold Project. Due diligence on the acquisition is expected to be completed by mid May.
Board renewal is also underway with the recent appointment of non-Executive Director Andre Wessels, an experienced international industrial engineer with project commercialisation experience.
PepinNini’s current Managing Director, Rebecca Holland-Kennedy, will move to a position of Executive Chair from 1 July 2020.
Following a transition period from 1 July to the end of 2020, she will assume a non-Executive Chair role.
A new Managing Director will be sought to take the Gilded Rose project into a producing gold mine next year.
A non-Executive Director from AMG will join the PNN board, subject to completion of the Gilded Rose Project acquisition.
The Company will continue to hold and maintain its Salta lithium project over nine mining tenements in northern Argentina, but all exploration will be suspended and will not be resumed until post COVID-19 investor interest improves.
The project hosts a JORC 2012 Measured and Indicated lithium carbonate resource of 239 000 t. Retention costs for the tenement holding in Argentina are in the order of US$25 000/y.
PepinNini also holds the large footprint Musgrave nickel-copper project in South America’s Anangu Pitjantjatjara Yankunytjatjara Lands.
This project is currently on hold under traditional owner requests to help manage COVID-19 in the region. Musgrave comprises 10 tenements held 100% by PepinNini and four held under a farm-in joint venture with Rio Tinto Exploration.
The further change under the strategic review announced will see PepinNini Lithium Ltd revert to its former name, PepinNini Minerals Ltd.
Read the article online at: https://www.globalminingreview.com/finance-business/28042020/australia-to-be-pepinninis-main-mining-focus/