What NQ Minerals does
NQ Minerals PLC (LON:NQMI) is a project developer and mining company with a focus on Australian mining assets.
The company is led by a team of experienced mining and mining finance industry professionals, including chief executive Walter Doyle, an experienced venture capitalist who was responsible for the resurrection of Sirius Minerals PLC (LON:SXX).
The principal asset is the Hellyer mine in Tasmania.
This was commissioned at the turn of 2018/2019, when it delivered a maiden cash flow of £3.2mln from the production of three types of concentrate, lead, zinc and precious metals.
NQ also owns the Ukalunda project in north Queensland, on which it has identified 33 prospects for follow-up work, including the Sunbeam mine, for which it has secured a mining permit.
At SquarePost, also in north Queensland, NQ has identified both breccia and vein-hosted mineralisation.
The miner has also increased its investment to £600,000 into battery metals specialist TEM.
Resources surrounding Hellyer are now estimated at 14.3mln tonnes grading 0.72% nickel and 0.05% cobalt.
How it's doing
In November, David Lenigas took over the chair at the Australia-focused mining group.
NQ said then talks are to replace on more favourable terms all the debt raised to re-start the Hellyer mine in Tasmania.
Lenigas said Hellyer's operations continue to improve, with lead concentrate production of 2,331 tonnes and zinc concentrate production of 1,651 tonnes in October.
This was ahead of estimates and resulted in revenue for the month of A$5.25mln with an operating profit of A$1.6mln.
For the ten months to 31 October, the mine generated unaudited turnover of A$43.7mln with an operating profit of A$9.1mln.
In December, NQ added that November had also been a record month with unaudited net profit before tax of A$2.44mln (£1.29mln) on revenues of A$5.64mln.
- Debt refinancing package
- Battery metals initiative with TEM
- Production and recoveries at Hellyer continue to improve
- Precious metal production from tailings at Hellyer