Carbine Tungsten Limited is soon to be a tungsten concentrate producer from its flagship project, the Mt Carbine tungsten mine, in Far North Queensland. Historically, Mt Carbine produced 40% of Australia's tungsten.
Carbine Tungsten has a three stage development plan for the reopening of Mt Carbine, which will place it as one of the leading western producers of tungsten concentrate: tailings retreatment to start in 2011 followed by low grade stockpile processing commencing 2012-2013 and then hard-rock mining.
Carbine Tungsten's strategy is to focus on tungsten production, and with the exception of its tin prospects at Mt Carbine and Tara (NSW), is joint venturing or selling its other prospects.We reached some significant milestones in the last 12-months:
- Fitzroy copper-zinc prospects sold to new company, Fitzroy Resources Ltd (ASX:FRY). Carbine Tungsten retains a 20% shareholding
- Gold prospects vended into new company, Gossan Hill Gold Limited, IPO planned fourth quarter 2011 (market permitting). Carbine Tungsten retains a 25% interest in Gossan Hill Gold
- Ore sorter trials on bulk samples from the mineralised stockpiles very positive, showing an eight-times upgrade of mill feed can be achieved
- Completion of the final feasibility metallurgical testwork on the Mt Carbine tungsten tailings retreatment process
- Completion of a successful rights issue
- Processing plant to begin concentrate production from the tailings has been purchased
Carbine Tungsten is focused on bringing Mt Carbine back into production, and is on its way to becoming a pre-eminent tungsten producer with the potential to supply 5% of the world's tungsten concentrate.
