Artemis pens $6m funding deal

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 17 Dec 2017   Posted by admin


Artemis’ Radio Hill processing plant is on track to be in production by mid-2018.  Image: Artemis Resources.


BY CAMERON DRUMMOND


PILBARA-focused Artemis Resources has received a $6 million loan to fund the upgrade and refurbishment of its Radio Hill copper-nickel-cobalt processing plant south of Karratha.

The deal was penned with London-based Riverfort Global Capital, which funded a previous $3m loan to the company.

The funding for the upgrade will also be used for a 500,000 tonne per annum (tpa) gold circuit allowing for treatment of ore from Artemis’ Carlow Castle and Silica projects.

Artemis said that contract bulk sampling processing would be offered to other conglomerate gold companies in the region; with the plant expected to be fully operational by July next year.

Artemis chairman David Lenigas said that with cobalt prices pushing past $90,000/t, recommissioning of the Radio Hill plant by mid-2018 was an absolute top priority for the company.


“Radio Hill is a known nickel/copper/cobalt producer and we have a lot of material ready at surface ready to feed the plant,” Mr Lenigas said.


“In addition, now that the Novo JV is live, it is important that Artemis keeps its cash at bank in as strong a position as possible.

“The previous $3m Riverfort deal, along very similar terms, worked very well for shareholders at the time and this new $6m funding deal will assist the company with the refurbishment and upgrades currently underway at our Radio Hill processing facilities, whilst keeping a solid cash surplus available to fund our share of the 50:50 Artemis/Novo JV with respect to conglomerate gold.

“Artemis is now working hard towards getting the Radio Hill Plant being fully operational by July 2018, and the surface stockpiles on the ROM pad will give us a great jump-start into rapid cobalt production.

Mr Lenigas said while Radio Hill was always mined as an underground operation, Artemis would look at the potential of starting an open pit mining operation where the deposit reaches the surface.

“This plant feed will be used for commissioning feed material whilst we complete our resource work on Carlow Castle, Silica Hills and conglomerate gold projects.”