Newspaper article News Mail Bundaberg Qld.

Negotiations for Sale of Monto Mine Slow Down

Newspaper article News Mail Bundaberg Qld.

Negotiations for Sale of Monto Mine Slow Down

Article excerpt

Byline: Clementine Norton

THE prospective buyers of the Monto Minerals Goondicum mine may not be the knights-in-armour the town had hoped for, with news that negotiations to finalise the sale have hit a rocky patch.

Senior secured creditors of Monto Minerals, Ian McCauley and John Rawlins, offered about $12.5 million to assume control of the company in December.

They planned to re-open the feldspar, apatite and ilmenite mine near Monto, which closed in September taking 70 jobs, when the company went into administration, but the site remains quiet months afterwards as details of the sale are hashed out.

"It's in doubt right now, but we hope in a week or two we will have a firm decision," Mr McCauley said.

"A condition of the sale was that we reached a satisfactory agreement with SunWater about the water-pipe to the mine - we have been negotiating since early December and we're not there yet."

Mr McCauley said assessments were also being made about what infrastructure would be needed to make the mine viable, after the original plant built by Monto Minerals only processed a fraction of what was predicted. …

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