Please note that Krucible’s office will close for the Christmas holidays from Friday afternoon 20 December 2013 and reopen on Monday morning 6 January 2014. Emails and telephone messages will not be attended to during that time so for any emergency please call 0418 217 919. Staff and directors wish all of our shareholders, contractors, suppliers and customers the very happiest of holidays and we look forward to a prosperous and exciting New Year.
Listed on Australia’s main stock exchange since 2007, Krucible (KRB) is an Australian-based resources company with an enviable history of discovery in phosphorus and rare earths as well as other elements, and is transitioning to a mining company with plans to open its first mine at Korella in the mineral rich Mount Isa area of north western Queensland. The company has a strong industry-based board and management, who promote aggressive exploration projects.
At the company’s Annual General Meeting held in Townsville on 28 November 2013, Krucible Metals Ltd and Australian New Agribusiness and Chemical Group Ltd (previously Daton Group Australia Ltd) announced an amendment to their sale and purchase agreement to set a new completion date of 16 January 2014, with immediate release of the deposit held in trust and payment of a 25% instalment by 20 December 2013.
On Monday 27 May 2013, Krucible executed a Sale and Purchase Agreement (SPA) with Daton Group Australia Limited for Krucible to sell and Daton to buy, several tenements which bear or may bear phosphate to Daton for $12,096,000 in cash. Daton is an emerging Australian fertiliser manufacturer with a new plant being built in Brisbane. Once Krucible has completed the conditions precedent in the SPA, the agreement will be completed and funds transferred. These funds will assure Krucible’s budget for exploration of its remaining 15 tenements into the future. Krucible is actively exploring for rare earths, base metals and precious metals.
In line with requests from shareholders to have an opportunity to participate on an equal footing with other recent investors into Krucible, the company announced a limited share purchase plan on 7 march 2013, with funds to go into general revenue. In the announcement the Company stated that there is no change to the status of the previously announced negotiations with Daton which is expected to go soon to contract signing.
On 23 January 2013, in a conditional Indicative Proposal received from Daton Group Australia Limited, Krucible agreed to sell and Daton agreed to buy all 13 of its phosphate bearing or potentially phosphate bearing tenements for $12,000,000.
In November 2012 Krucible secured $2m in equity capital from Bergen Global Opportunity Fund II, LLC. The funds arrive in monthly tranches and are structured to allow management of shareholder dilution.
Krucible has discovered phosphate, rare-earths, copper and gold in the richly mineralised region south of Mt Isa in Queensland Australia. New exploration tenements have been applied for in the Georgina Basin west of Mt Isa.
Krucible applied for its first mining lease at Korella in 26th May 2010 and received approval for the mining lease on 16th August 2012.
Krucible's high grade phosphate at Korella, an Inferred mineral resource of 5.0 million metric tonnes @ 30.8% P2O5 [phosphate] was announced in September 2009.
A positive Scoping Study indicated an NPV of $83M for the Korella phosphate project at a discounted hurdle rate of 15% and $US /$A rate of <0.90. The proposed Australian Government Mineral Resource Rent Tax MRRT will not impact on the profitability of Korella phosphate in its present form.
Korella shows more phosphate of a slightly lower grade beneath the resource analysed in the Scoping Study above, around 12m tonnes at 17%.
Korella shows a valuable Rare Earth [Yttrium] enriched layer overlying the high grade Phosphate. Krucible has more rare-earth discoveries at Yttro and elsewhere, and is negotiating with interested parties to develop those resources.
In 2010, Krucible discovered extensive copper mineralisation outcropping on Pilgrim EPM 15072 near Mt Isa. Subsequent scout drilling intersected narrow, high grade copper sulphides in strongly altered iron oxide breccias. Planned deeper drilling will test for an IOCG orebody Krucible also discovered primary copper sulphides at Garnet, near BHPB's Cannington Mine, while testing a discrete magnetic anomaly.
Krucible is among the first to explore the Diamantina Orogen in the NW Simpson Desert & discovered copper, gold & bismuth in outcrops at Toomba! Drill results include 3 m @ 2.4% copper and minor gold. Krucible is also among the first to explore west of Mt Isa. Contiguous EPMAs provide the opportunity to investigate basement rocks under the shallow cover of barren sediments. Aeromagnetic surveys reveal the trends prospective for base metals.
Krucible has an aggressive ongoing exploration program in planning for the 2013 season.