Broken Hill looks to double its NSW cobalt resource

Broken Hill looks to double its NSW cobalt resource

Feb. 23 (BusinessDesk) – Newly dual-listed cobalt miner Broken Hill Prospecting Ltd. is seeking to double its inferred cobalt resource in outback New South Wales to 30 million tonnes with a newly approved drilling programme.

The company announced the 5,000 square metre project, which will take in existing and new areas of exploration in areas covered by its Thackaringa Base Metals Project.

New Zealand-based Heritage Gold Ltd. is a 21% shareholder in BHPL, which debuted on the NZX and ASX last week.

Exploration to date has found 15 million tonnes of “inferred” cobalt, but no feasibility studies have been undertaken to scope a mining operation.

“Our aim is to double the size of the resource to around 30 million tonnes … so that we can advance the commercialisation of the project,” said BHPL director Geoff Hill in a statement to the NZX. “Preliminary interest in the cobalt project has been shown by Chinese companies, and we would like to keep that impetus going.”

Some of the proceeds of the A$4.47 million capital-raising will be applied to the next phase of exploration.

BHPL shares last traded at 28 cents on the NZX and have not traded so far today.

(BusinessDesk)

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