Ark Mines brings Currumbin Minerals onboard

Ark Mines (ASX:AHK) has entered into a memorandum of understanding (MoU) with privately held heavy mineral sands (HMS) producer Currumbin Minerals. 

The MoU is for the supply of rare earth elements (REEs) from the Ark’s Sandy Mitchell Project in North Queensland. 

According to Ark, the MoU sets out a framework for both parties to work together towards a definitive collaboration agreement to facilitate the treatment of HMS ore from the project to Currumbin’s fully owned treatment facility in South-East Queensland. 

Ark, which has a $10.47 million market capitalisation, says both parties will negotiate a price for Currumbin Minerals to treat HMS ore and produce heavy metal (HM) and REE concentrate to be sold by Ark at commercial market rates. 

The MoU follows the completion of Ark’s 2,426m stage two drilling program at Sandy Mitchell, where REE and HM mineralisation was visible in every drillhole. 

Assays from drilling are pending alongside results from further metallurgical testwork, which are expected to form the basis of a maiden Mineral Resource Estimate (MRE).    

Ark Mines Executive Director Ben Emery says the MoU marks the next step in the company’s commercialisation strategy for Sandy Mitchell and reflects the interest the project has received from development partners.

“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 HM and REE concentrate.” 

Currumbin Minerals operates Australia’s latest technology heavy mineral sands gravity, electrostatic and magnetic processing plant in Queensland. The company specialises in high quality mineral sand products including zircon, rutile, ilmenite, and monazite, serving a client base of both domestic and overseas customers. 

Ark Mines is focused on developing its wholly owned projects in the prolific Mt Garnet and Greenvale mineral fields of Northern Queensland, including its Sandy Mitchell Rare Earth and Heavy Mineral Project.

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Images: ARK Mines
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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.