SMM12, 20 March: after five years of negotiations, Havilah Resources has signed a mining agreement of origin for its Kalkaroo copper, cobalt and gold project in northeastern Adelaide, South Australia. Kalkaroo is considered to be the largest undeveloped open-pit copper-gold deposit in Australia, based on copper equivalent ore reserves. The signing of the new agreement increases the opportunity for Havilah to obtain mining leases from the regional energy and mining sectors in the project area.
The agreement was signed between (NAWNTAC) and Havilah, an indigenous company of Ngadjuri Adnyamathanha Wilyakali. NAWNTAC is a corporate entity that jointly represents the interests of Adnyamathanha, Ngadjuri and Wilyakali.
According to Dewei-based mining companies, indigenous groups have accepted the concept of EBITDA or earnings before interest, tax, depreciation and amortization, which is a profit-based compensation payment rather than an income-based non-cash payment.
The Havilah statement said the mechanism assisted the company when profits were low and allowed NAWNTAC to share in the high profitability of any future mining business. It also takes into account employment, training and business development opportunities for indigenous property holders during the mine life cycle.
Kalkaroo is expected to operate for at least 14 years. Production is expected to average 4000 tons of copper, 100000 ounces of gold and 1000 tons of cobalt per year.
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