- Andromeda Metals (ADN) and Minotaur Exploration’s (MEP) Great White Kaolin Project has been determined as a ‘new mine’ and therefore granted a concessional royalty rate
- A rate of 2 per cent, instead of 3.5 per cent, will be applied on any material produced at the South Australian project up until June 30, 2026, saving the project partners approximately $9 million
- Andromeda also expects to submit the mining lease application for the Great White Kaolin Project next month and complete the Definitive Feasibility Study in the second quarter of 2021
- Meanwhile, Natural Nanotech, a research joint venture between Andromeda and Minotaur, has doubled its funding into nanoparticle research at the University of Newcastle and will now include 18 research areas
- Andromeda shares have been trading 7.3 per cent higher at 27.5 cents while Minotaur has been up 3 per cent at 17 cents
Andromeda Metals (ADN) and Minotaur Exploration’s (MEP) Great White Kaolin Project has been granted a concessional royalty rate.
The South Australian Department of Energy and Mining determined the project on the Eyre Peninsula to be a ‘new mine’ and therefore granted it a 2 per cent royalty rate instead of 3.5 per cent.
The concessional rate will be applied on all minerals produced at the joint venture, in which Andromeda holds a 75 per cent interest, up until June 30, 2026, and over this period, the rate is expected to save the project partners around $9 million.
Meanwhile, Andromeda is preparing its mining lease application for the Great White Kaolin Project and plans to submit it in February.
The industrial minerals company is also progressing with the definitive feasibility study for the project and anticipates it will complete the study in the first half of 2021, ahead of targeted production in early 2022.
Natural Nanotech
Natural Nanotech, a research joint venture between Andromeda and Minotaur, has doubled its funding into nanoparticle research.
The research program at the University of Newcastle’s Global Innovative Center for Advanced Nanomaterials will now cover 18 research areas.
These will include batteries, supercapacitors and semiconductor technologies, peroxidase and antimicrobial agents in water treatment and gaseous capture-storage-transport-conversion tech.
Andromeda shares have been trading 7.3 per cent higher at 27.5 cents, while Minotaur has been up 3 per cent at 17 cents at 10:29 am AEDT.