Compass Resources Limited
(Administrators Appointed) (Receivers and Managers Appointed)
Compass Resources Limited (Administrators Appointed) (Receivers and Managers Appointed) is an Australian exploration, mining and minerals processing company focused on the Rum Jungle mineral field near the township of Batchelor, Northern Territory Australia.
Compass currently holds 51 tenements. 27 of these are held as exploration licenses, 3 as retention licenses, 2 as mineral authorities, 1 as a mineral claim, 17 as granted mineral leases, and one under a mineral license application. These cover an area of 250 km2 surrounding the Rum Jungle Mineral Field. The major base metal oxide and sulphide JORC compliant resources held by Compass are Browns, Area 55 and Mt Fitch, and the tenements containing these resources have been granted as mineral leases. The mineral leases also include land for the processing plant and tailings storage facilities.
Previously the Browns Oxide Resource was exploited by open-pit mining and a hydrometallurgical processing plant was constructed in 2007-2008. The plant includes milling, leaching, solvent extraction and electrowinning, with a nominal feed capacity of 1.3 Mt/a, and a production capacity of 10,000 t/a copper cathode. In 2009, the production facilities were placed in care and maintenance. The plant had produced 1500 t of LME grade A copper cathode, and approximately 0.7Mt of ore had been mined, with 300,000 t processed and 400,000 t stockpiled.
Compass is presently evaluating opportunities to processing the mined ore stockpiles. These are expected to produce some $16M of copper, $4M of cobalt and $1M nickel after accounting for metal recoveries. If successful, then Compass intends to restart mining in the Browns open-pit, and then venture further afield to satellite oxide resources at Area 55 and Mt Fitch.
The Browns Sulphide resource has been defined down to a depth of -400m RL, and sits along a 2.5km strike. There are distinct zones of lead, zinc and copper enrichment, with consistent distribution of cobalt and nickel throughout the resource. Compass is presently updating a Scoping Study to evaluate underground mining and flotation of the lead sulphide domain. A secondary flotation concentrate could be produced and leached onsite to produce cobalt and nickel by-products.
On 17 June 2016, Rahul Goyal, John Bumbak and Richard Tucker of KordaMentha were appointed Receivers and Managers of Compass Resources Ltd pursuant to a security interest duly registered on the Personal Property Securities Register. Accordingly, the Receivers have assumed control of Compass Resources Ltd until otherwise advised.
Prior to the appointment of the Receivers and Managers on 17 June 2016, Martin Jones, Wayne Rushton and Dermott McVeigh of Ferrier Hodgson were appointed as Voluntary Administrators of Compass Resources Limited.
Furthermore, Bryan Hughes and Daniel Bredenkamp of Pitcher Partners were subsequently appointed Receivers and Managers of Compass Resources Ltd by a subordinated secured creditor on 24 June 2016 pursuant to a security interest duly registered on the Personal Properties Securities Register.
For any shareholder and creditor enquiries please contact Ferrier Hodgson on (08) 9214 1444. For all operational enquiries please contact KordaMentha on (08) 9220 9333.
The Compass Browns project site is located near the town of Batchelor. Photos of construction and production are shown below. The site has been on care and maintenance since 2009.
The site is situated on approved mining leases, and was permitted under a Public Environment Report in 2005 to mine ore from an open-cut and process ore onsite. Recurrent mining management plans and waste discharge licenses have been in place since commencement of the project. The current waste discharge license (WDL 177-05) can be viewed here, and a list of permits for the site can be viewed here.
Please submit your inquiries about Compass Resources Limited here. Thank you!
COMPASS RESOURCES LTD
ABN 51 010 536 820
5 Bishop Street, Woolner, Darwin NT 0820
+61 8 8923 6800
Old Rum Jungle Road, Batchelor NT 0845
0421 541 299
Suite 2, Level 8, 54 Miller Street, North Sydney NSW 2060
+61 2 9239 9004