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Adex Arranges Funding for Mount Pleasant Project
Aug 26, 2010 14:38CST

SHANGHAI, Aug. 26 -- Adex Mining Inc has announced a deal with a Hong Kong based investor to arrange funding for its Mount Pleasant project in New Brunswick, Canada. Adex could potentially start production of tin, zinc and indium from the North Zone of the project in 2012, while another orebody could subsequently produce tungsten, molybdenum and other by-products.

Great Harvest Canadian Investment Company Limited will provide up to C$12 million in equity and C$50 million in loans, which will cover the great majority of estimated C$71 million pre-production capital requirements for the North Zone project. A final feasibility study is due to be completed not later than May 2011.

A preliminary economic assessment of the project is based on production of 3,200 tpy of tin-in-concentrate over a 10 year mine life and Adex will later this year also examine the viability of building its own smelter to treat this. Zinc and Indium production is indicated at 4,000 tpy and 40 tpy respectively. Indicated and inferred resources at the property contain some 63,500 tonnes of tin.


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