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Reed Resources Ltd (ASX: RDR) is a diversified junior mining company primarily concerned with the development of its gold (Au), lithium (Li) and vanadium (V) projects in Western Australia. RDR's flagship project is the Meekatharra gold project (100% RDR), which hosts 3.56 million ounces (Moz) in JORC-compliant gold resources and is expected to start producing gold during the fourth quarter of this year.
The Meekatharra project (100% RDR), located in the Murchison region of WA, is expected to start producing gold during Q4 2011, subject to project financing. RDR plans to ramp up production to 95,000oz p.a. (from open pit sources) by 2014 and then increase production to 160-180koz p.a. through an underground expansion. Given the successful completion of the Bankable Feasibility Study (BFS), and the decision to mine, RDR is now completing financing through an underwritten A$40m rights issue.
RDR is also developing the Mount Marion lithium project (70% RDR) in partnership with Mineral Resources (ASX: MIN). The project is able to start producing spodumene in 2013, pending market conditions. The project hosts substantial resources (14.9Mt at 1.5% Li2O) and could potentially be brought online for no up-front capital expenditure from RDR.
RDR is also developing the Barrambie Iron-Titanium-Vanadium (Fe-Ti-V) project (100% RDR), which hosts one of the world’s highest-grade Ti deposits, has a farm-out JV to develop the Mt Finnerty iron ore project and has an option to acquire 100% of the Mt Finnerty nickel project.
Given the successful completion of the BFS, RDR is aiming to start producing gold from its flagship Meekatharra gold Project (100% RDR), by mining open pit sources, in the fourth quarter of 2012, subject to financing. The plan is to ramp up production to 95koz p.a. by the end of 2014 and increase production to 160-180koz p.a. under Stage 2 (planned to commence in 2015).
Official website: http://www.neometals.com.au/
ASX on Hotcooper: http://hotcopper.com.au/asx/NMT