Metals and Mining
Company Overview of Ark Mines Limited
Ark Mines Limited engages in the exploration and evaluation of mineral properties in Australia. The company explores for gold and other mineral deposits. It primarily holds interests in the Mt Porter and the Golden Honcho high grade gold projects located in the Northern Territory. The company is headquartered in Sydney, Australia.
37 Bligh Street
Sydney, NSW 2000
Key Executives for Ark Mines Limited
Managing Director and Executive Director
Total Annual Compensation: A$205.3K
Compensation as of Fiscal Year 2016.
Ark Mines Limited Key Developments
Ark Mines Limited Announces Porter Mining Update
Jul 24 17
The board of Ark Mines Ltd. has decided to postpone mining plans for the Mt. Porter project. Instead AHK will immediately bring forward gold mining acquisition projects on which it has been working, in tandem with MTP. The reason for suspending MTP is the inability to conclude an extension of the current toll treat agreement with NTMO on terms and conditions satisfactory to AHK. As a consequence of AHK's decision to postpone, the current agreement will automatically terminate on 14 August 2017. The AHK board is very disappointed to not procure an extension of the NTMO toll treat agreement, despite its best efforts and being in a position to commence mining. In particular, AHK: procured an approval to mine issued by the Minister for Primary Industry and Resources in the Northern Territory; had drawn down a further USD 1.35 million tranche of its gold loan facility to fund payment of the MTP security bond and other start-up costs - which sum it will now hold pending further discussions with Panasia Ltd; had agreed equipment hire contract terms with Titan Mining Equipment Hire; put in place required technical personnel; had finalised metallurgical recoveries and optimisations for MTP ore - see further below; had completed two thirds of resource drilling for MTP South with planning to complete MTP South and commence MTP North in 2017- see further below. AHK will now focus on concluding terms for Australian gold mining acquisition projects on which the board has been working over the last few months. Funding for these acquisition projects will be provided through Panasia Ltd. in Hong Kong. A key focus for AHK in deciding to conclude acquisitions is to ensure such projects are not reliant on third party milling or toll treating. MTP Metallurgy: The latest round of metallurgical testing was specifically designed by Independent Metallurgical Operations in conjunction with Kirkland Lake Gold's processing engineers, to simulate the processing systems in place at the Union Reefs mill; including gravity, Acacia and leach circuits using UR process water. Gold ores for testing were sourced from four purpose drilled holes completed by AHK in April 2017, designed to provide a distribution of ore grades and ore types representative of the MTP minable envelope, including sub-ore grade diluting materials. IMO's July 17 metallurgical results show that average gold recoveries under processing conditions achievable at UR are 92.5% for oxide ores, 85.7% for transitional ores, and 79.7% for fresh ores within the run of mine grade bands. These results are extremely encouraging as this is the first time that the MTP ores have been tested to include the full range of processing systems in use at UR and the resultant recoveries are well aligned to forecasts by AHK's technical personnel.
Ark Mines Ltd. Provides an Update Concerning its Mt. Porter Project in the Northern Territory
Jun 13 17
The board of Ark Mines Ltd. provided an update concerning its Mt. Porter project in the Northern Territory. AHK has: in place a Toll Treat Agreement with Northern Territory Mining Operations Pty Ltd. (NTMO), which document is dated 14 November 2016 (Agreement). The term of the Agreement is 12 months and expires on 14 November 2017 (Termination Date); notified NTMO a delivery schedule (Delivery Schedule) for ore from Mt. Porter(MTP) that contemplates delivery and processing extending beyond the Termination Date; and requested an extension of the Agreement to accommodate the Delivery Schedule and is awaiting confirmation from NTMO whether or not the requested extension will be granted. Given the recent announcement by Kirkland Lake Gold Inc., that it is suspending operations at its Cosmo project, which ore is processed at the same Union Reef mill (Mill) where AHK proposes to process MTP ore, AHK is concerned to secure continuing access to the Mill beyond the Termination Date. Based on the prevailing gold price, mining costs and processing costs AHK has negotiated, an optimised pit design for MTP (undertaken by an independent mining consultant) has been developed. This design supports processing 385kt of MTP ore. To mine, haul and process the referenced tonnage, AHK requires Mill access running into 2018. To mine and process any less material would not be financially optimal. Provided an Agreement extension can be secured AHK plans to: make a further draw down under its Gold Loan Facility. AHK's lender has required the Agreement extension be procured before further funds will be advanced; pay the security bond required by the Northern Territory Government (Bond); commence mining as soon as is practicable thereafter to comply with the Delivery Schedule; and thereafter raise sufficient capital to replenish funds used to pay for the Bond. AHK has identified a mining contractor willing to perform the required work at MTP. The board expects the mining contract to be finalised and executed very soon. These negotiations have taken longer than expected due to the lack of clarity concerning the processing of MTP ore.
ARK Mines Limited Announces Earnings Results for the Half Year Ended December 31, 2016
Mar 15 17
ARK Mines Limited announced earnings results for the half year ended December 31, 2016. For the half year, the company reported interest income of AUD 138 compared to AUD 299 a year ago. Loss from operating activities was AUD 340,954 compared to AUD 183,448 a year ago. Loss before income tax was AUD 689,455 compared to AUD 197,155 a year ago. Loss from continuing operations after income tax was AUD 689,455 compared to AUD 197,155 a year ago. Basic and diluted loss per share was 1.44 cents compared to 0.51 cents a year ago. Net cash used in operating activities was AUD 857,496 compared to AUD 30,859 a year ago. Payment for exploration and evaluation expenditure was AUD 663,476 compared to AUD 275,690 a year ago.
Similar Private Companies By Industry
Recent Private Companies Transactions
August 12, 2016
July 27, 2016