BEIJING, Mar. 19 -- Metals X Ltd has concluded the deal to sell 50% of its Tasmanian assets for A$50 million to form a joint venture between its subsidiary Bluestone Mines Tasmnia Pty Ltd and YT Parksong Australia Holding Pty Ltd. The joint venture will operate as Bluestone Mines Tasmania Joint Venture Pty Ltd.
In a statement today Metals X said that its Renison operations continue to consolidate, strengthening production for the months of January and February and operating at an annualised production rate of 8,000 tonnes of tin-in-concentrates. This compares with production in the 2009 calendar year of 5,630 tonnes.
In January-February production was 1,300 tonnes at an average cash cost of A$10,173/tonne (US$9,380/t) and total cost of sales of A$12,209/tonne (US$11,257/t). Metals X Managing Director Warren Hallam commented that while the Renison mine and the tin market had provided challenges over the past few years "the mine is now performing strongly and profitably". Unaudited EBITDA in January-February was A$8.84 million.