Callabonna Resources Limited
Callabonna Resources is an ASX listed mineral explorer.
The Company's focus is on discovery or acquisition of a low cost mineral production asset.
The Company's directors are experienced in mining, project finance and development, exploration geology and geophysics.
- Eastern Frome Embayment north of Broken Hill NSW - ongoing exploration for all metals. The area includes potential for low operating cost uranium deposits.
- Identification and due diligence of potential acquisitions is ongoing.
The Company aims to grow by acquisition and exploration. Acquisitions are being targeted at low cost operations with preferred commodities including manganese, coking coal and copper. The preferred investment criteria will be low capital expenditure projects (preferably direct shipping) that are able to repay significant capital in two years and therefore may be financed with minimal dilution to existing share-holders. For exploration, where there is more risk, this will be managed by clear and affordable steps leading to a proof of the concept (that would be expected to have a lot of upside). The board is committed to persevering and running on very low overheads until it makes the right investment and then to remain very focused on the main development.
Callabonna derives its name from the Callabonna Sub-basin home to several uranium mines in the Frome Embayment area in South Australia. These mines are hosted by sandstone, use in situ leach extraction and have been amongst the most profitable in the world, for example Heathgate’s Beverley uranium mine. The basin straddles the South Australia-NSW border near Broken Hill.
Since listing on the ASX in September 2009 via a merger with MKY the main activity had been exploring the Frome Embayment for uranium with over 100 holes drilled and the flying of several very large AEM surveys in South Australia. This was an ambitious program and the Company has learned a great deal about the Callabonna Sub-basin; it remains focused on the eastern margin near Broken Hill in NSW. The directors and senior management have considerable experience in a wide range of commodities and the strategy discussed above.
In 2012 the Company changed its name from Callabonna Uranium to Callabonna Resources, relocated the office to Melbourne and Mr Jeff Williams, a mining engineer, joined the board.
Current Australian Projects