Consolidated Tin Mines has secured a Hong Kong-based cornerstone investor for its Mt Garnet tin project in Queensland following an initial A$1.6 million placement in the emerging miner. Snow Peak International Investment took up the placement, the first tranche in a proposed long-term investment in Consolidated Tin, designed to see Mt Garnet through to production. Snow Peak is a significant Chinese investment group with interests in property development in Hangzhou in the Zhejiang Province of China, and in Hong Kong.
Consolidated Tin managing director Ralph De Lacey said: “We are delighted to welcome Snow Peak as a strong partner in the Company, and look forward to a mutually beneficial relationship to take the Mt Garnet Tin project through feasibility studies and into production, to unlock the real value in the project for our shareholders.”
Located near Cairns in North West Queensland, Mt Garnet comprises three key deposits – Gillian, Pinnacles and Windermere. Consolidated Tin is investigating a major low-cost open pit mining operation as part of a current prefeasibility study at Mt Garnet. The work is aimed at confirming an initial resource base of 8-10 million tonnes of tin to support a 1Mtpa capacity operation producing around 5,000 tpy of tin-in-concentrate. Resources at the property currently stand at 7.3Mt grading 0.6% tin, including a measured resource of 1.2Mt at 0.82% tin from the Gillian deposit.
