Critical minerals explorer Ark Mines has signed a memorandum of understanding (MoU) with heavy mineral sands producer Currumbin Minerals for the supply and delivery of heavy mineral sands (HMS) supply.
The HMS will come from Ark Mines’ Sandy Mitchell project located in North Queensland and will be processed at CM’s licensed treatment plant in south-east Queensland.
The terms of the MoU include the mining, haulage, and delivery of HMS ore from Sandy Mitchell to the Currumbin Minerals facility, and the negotiation of price terms for the treatment of the HMS ore.
These terms will help both companies establish a definitive agreement to produce HMS and rare earth critical minerals concentrate to be sold by Ark Mines at current commercial market rates.
“This MoU marks the next step in our commercialisation strategy for Sandy Mitchell, and reflects the high degree of interest the project has received from development partners and the Queensland mining industry more broadly,” Ark Mines executive director Ben Emery said.
“Currumbin Minerals are best-in-class for the processing and treatment of mineral sands, and the MoU framework has been established jointly with a high degree of cooperation in a way that leverages the respective strengths of both parties.
“In that context, Ark Mines is well-placed to benefit from Currumbin’s expertise in end-to-end logistics, including the transport of raw materials and the potential export and sale of HMS and rare earths concentrate.”
The definitive agreement is expected to be negotiated within 12 calendar months from the signing of the MoU.
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