Compass Resources

Compass Resources NL is an Australian mining and mineral exploration company listed on the Australian Stock Exchange and currently in voluntary administration since 29 January 2009.[1]

Compass Resources NL
Public (ASX: CMR)
IndustryMining (exploration)
HeadquartersSydney, Australia (main headquarters), Darwin, Australia (secondary headquarters)
Key people
Gordon Toll (chairman), Malcolm Humphreys (CEO)
Productscobalt, copper, gold, lead, nickel, uranium
Revenue45,000 AUD (from interest/currency transactions only - still in exploration/mine establishment phase), 2005 annual report
-1,141,105 AUD, 2005 annual report
Websitewww.compassnl.com.au

The company's main assets are mineral resources at Browns, Browns East and Mount Fitch, adjacent to the former Rum Jungle uranium mine in the Northern Territory of Australia. Brown's consists of a multi-metal oxide deposit overlying a related sulphide deposit.[2] Compass also has exploration rights over the site of the former uranium mine and some royalty rights on a gold mine in New South Wales.[3]

Mining in the Northern Territory

On 29 January 2009, Compass Resources went into voluntary administration, while in the process of commissioning the Brown's Oxide mine.[1] Compass (CMR) was listed on the ASX with the fourth-largest lead deposit in the world, plus numerous other deposits with the potential value in excess of $15 billion. The Company was chaired by mining magnate Gordon Toll. The company was awarded major project facilitation status by the Australian federal government and endorsed as a "Major Project of National Significance". The company formed a joint venture with Hunan Non-Ferrous Metals Corporation (HNC). As Compass undertook capital projects to develop and extract lead and other metal ores, costs appear to have blown out.

References
  1. Compass Resources ASX announcements 2009 accessed: 10 September 2009
  2. Francis, Adrienne (22 February 2006). "Renewed activity around Rum Jungle". ABC Rural: Northern Territory. Australian Broadcasting Corporation. Retrieved 22 February 2007.
  3. "New South Wales resources". Compass Resources. Archived from the original on 18 February 2007. Retrieved 22 February 2007. and "New South Wales exploration". Compass Resources. Archived from the original on 18 February 2007. Retrieved 25 February 2007.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.