Magma Mines Ltd

Location:

Level 7 71 Macquarie StreetSydneyNew South Wales2000Australia View Map

Revenue:

$2.4 Million

Employees:

12

Industries:

Phone:

+61 2 8203 5615

Fax:

+61 2 9241 2013
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Description:

Magma Mines Ltd is a Fiji-focused exploration company, with the primary aim of discovering magnetite as well as rare earth deposits in this mineral-rich pacific nation and bringing mines into production as soon as possible. Magma holds an exclusive licence to explore, identify and develop mines in areas of mineralisation with the greatest potential as part of a planned listing on the Australian Securities Exchange. Magma's immediate focus is on SPL 1495, which is located on the coral coast on the main Fiji island of Viti Levu. The area is near the town of Sigatoka on the plains at the mouth of the Sigatoka River where alluvial deposits enriched in magnetite (Fe3O4) and other heavy minerals have accumulated. Magnetite as a source of iron for steel making has plenty of potential. Its concentrates command a premium over the price of bulk iron ore because of its purity and use, for example, as a feedstock for specialty furnaces, in the recycling of steel and iron. The Sigatoka alluvial iron sand deposits are also reported to contain other heavy minerals such as rutile and zircon as well as rare earth bearing minerals that may add value if recoverable. China mines about 95% of the world's rare earth elements, which are essential in many commercial and military applications. Rare earths have recently been in the news due to China's reported withholding of supply. Therefore, to identify, find and bring into production new rare earth sources is exciting and, potentially - exceedingly valuable. The rare earths identified include: Europium Lanthanum Samarium Ytterbium A seismic survey by Magma in 2011 has indicated thick deposits of unconsolidated sediments potentially representing many millions of tonnes of material containing magnetite. Systematic drilling using a Company owned sonic drill rig is now planned to accurately determine the magnetite and other heavy mineral content of the alluvial deposit and the volume of this material that is available for mining. A detailed drilling program is planned during 2012-2013 to test all of the on-shore resource. Once the deposits on land have been fully drill tested then a program to examine large volumes of magnetite bearing sands off-shore will be undertaken. It is envisaged that future mining will employ alluvial dredging machinery with a number of concentration stages using cyclones to separate the material based on specific gravity and magnets to collect and concentrate all magnetic minerals. As mining is done rehabilitation of the mined area will proceed to ensure minimal environmental impact. Magma has an established and highly experienced Board and dedicated management team, with substantial in-country experience, and technical and corporate expertise.

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