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ECR Minerals hails transformational Raglan deal in Queensland
(Sharecast News) - AIM-listed ECR Minerals has completed the acquisition of the Raglan gold mining project in Queensland, where it hopes to kickstart production in the new year. The company, which first announced the A$1.01m (£0.5m) deal to buy Raglan Resources two weeks ago, has now taken ownership of Licence ML 3665.
Otherwise known as the Raglan Project, the licence is a fully-permitted and turnkey alluvial gold mining project, which includes a 60 tonne-per-hour wash plant, gold room, water supply, accommodation camp, mobile mining fleet and associated site infrastructure.
Permitting is in place and all key equipment is on site, with ECR estimating that production will start production shortly. As a result, the company expects to generate its first-ever revenues in the "nearer term".
"Our acquisition of the Raglan Project marks a decisive moment for ECR and sets the stage for what we believe will be a breakthrough year for the company," said ECR chair Nick Tulloch.
The company believes that Raglan will provide a "stepping stone" to support operations at its larger Blue Mountain project.
"The proximity of the two projects will enable us to share plant and equipment and operational expertise across both sites, aiming to enhance the efficiency of both," Tulloch said.
ECR shares were up nearly 7% at 0.34p by 0959 GMT.
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