Aus Tin Mining (ASX:ANW) - Resigning CEO, Peter Williams
Resigning CEO, Peter Williams
Source: Hot Copper
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  • Aus Tin Mining (ANW) has signed an agreement with Ten Mining to sell the Granville Tin Mine in Tasmania for $1 million
  • The company has decided this is in the best interest of refocusing and diversifying its portfolio
  • Last week, Aus Tin entered a farm-in with Lachlan Copper to earn a 51 per cent interest in three exploration licences within the Lachlan Fold Belt
  • Despite the choice to sell Granville, Aus Tin still considers tin to be a valuable commodity and is planning a drill program at its Taronga Tin Project
  • Aus Tin Mining’s shares remain flat and are trading for 0.1 cents each

Aus Tin Mining (ANW) has signed a Heads of Agreement (HoA) with Ten Mining to sell the Granville Tin Mine in Tasmania for roughly $1 million.

This agreement replaces the funding agreement announced in December 2019 which proposed to resume operations at Granville.

Aus Tin Mining is selling the Granville Tin Mine to diversify its portfolio and focus on exploration within the Lachlan Fold Belt in New South Wales.

Recently, the companyannounced signing a farm-in agreement with Lachlan Copper to earn a 51 per cent interest in three exploration licence areas.

The Lachlan Fold Belt has seen some success from Alkane Resources, Sky Metals and Magmatic Resources which Aus Tin wanted to leverage.

The HoA allows Ten Mining to acquire all the shares in Ten Star Mining, Aus Tin’s subsidiary who owns Granville, by May 31 2020. Additionally, Ten Mining will pay Aus Tin Mining $365,000 and a further $635,000 for existing environmental bonding commitments.

Since January, Aus Tin Mining has been working with Ten Mining on preparations to resume operations at Granville. However, delays in finalising funding documentation and restricted movement into Tasmania due to COVID‐19 had impacted the schedule.

In light of this, Aus Tin Mining considers this divestment to be an advantage as it shifts its focus to copper and gold exploration in New South Wales.

Despite the sale, the company remains positive on tin as a commodity and will therefore retain its Taronga Tin Project in northern New South Wales.

Taronga has previously reported JORC reserves of 22 million tonnes at 0.16 per cent tin for 35,600 tonnes contained tin. A 2014 pre-feasibility study (PFS) also identified several areas of potential upside in relation to resource grades and by-products.

To test grade upside at Taronga, Aus Tin Mining will undertake a drilling program once funding is available.

Aus Tin Mining’s shares remain flat and trading for 0.1 cents each at 3:53 pm AEST.

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