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 Lady Annie to reopen 

Lady Annie to reopen

18 Aug, 2010 03:43 PM
CHINESE capital is expected to bring the Lady Annie copper project, 129km north west of Mount Isa, out of mothballs.

CST Mining Group chairman Chiu Tao will visit his Hong Kong-listed company's acquisition within days as a prelude to the re-opening of the mine, Mineweb reported

The Queensland Government recently gave formal approval for the company's Plan of Operations for the resumption of production at Lady Annie.

Lady Annie has a processing capacity of between 25,000-30,000 tonnes per annum of copper cathodes.

It first opened in October 2007. Nine tonnes from the first batch of copper produced at the mine was stolen.

Cape Lambert purchased Lady Annie from the failed miner CopperCo in May 2009.

The company started drilling at Lady Annie in late February while aiming to spin off the copper mine.

After the failure of Lady Annie's initial public offering, Cape Lambert lowered the float from $214million down to $165million.

In May, shareholders of Hong Kong-listed China Sci-Tech Holdings approved a $135million acquisition of the Lady Annie copper mine.

China Sci-Tech said in a statement that shareholders meeting on Friday had overwhelmingly approved the acquisition of the Lady Annie mine.

CST said that Lady Annie, within the Mount Isa Inlier which contains six world class base and precious metals ore bodies, gives the company licences covering 3000sqkm of exploration tenements.

CST Mining, formerly known as China Sci-Tech Holdings Ltd, focuses on copper mining.

CST managing director Damon Barber is reported on Mineweb as saying the company has equipment on site at Lady Annie moving material already and will mobilise the rest of the required mining fleet to site.

The company will release in weeks its planned timetable for the mine.

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