Wednesday May 29, 2024
Volume 39 No. 18
$2 inc. GST
The Cobar Weekly Butler welcomes housing inquiry Pg 2
Mayor to form a housing taskforce Pg 3
SER raises $2M for drilling program Pg 6
Polymetals and Council votes to restore Hall MAC alliance Polymetals Resources (Endeavor Mine) and Metals Acquisition Limited (CSA Mine) have formed a non-exclusive strategic alliance in an effort to extract greater value from both neighbouring mines. Metals Acquisition Limited (MAC) will invest $2.5 million for an initial 4.31 per cent interest in Polymetals and then invest a further $2.5 million if Polymetals secures funding to restart the Endeavor Mine and processing plant. As part of the agreement, MAC will deliver high-grade zinc ore for treatment at the Endeavor Mine and Polymetals will allow MAC to draw up to 150ML of water annually from the Endeavor Mine pipeline for a term or 4.5 years with the excess water offtake to enhance CSA’s ore treatment capacity. Polymetals executive chairman Dave Sproule said Polymetals has operated in the Cobar basin for many years and is confident the alliance with MAC will generate significant benefit for all stakeholders. “The Endeavor treatment plant has excess processing capacity which may be utilised by MAC should its current CSA zinc exploration prove positive,” Mr Sproule said. With Polymetals now being able to defer the mine’s environmental bond replacement for up to two years and its alliance with MAC, they can now look to restart financing. Mr Sproule said Polymetals intend to commence planned Endeavor Mine refurbishment works early in the second half of 2024 with first concentrate output planned for early 2025.
Cobar Shire Councillors last week debated seeking grant funding for the redevelopment of the Town Hall building in Barton Street. Following a 6-1 vote, Councillors endorsed a Master Plan and Business Case for a $3 million restoration project. A no new building footprint was the preferred option as it balances heritage preservation with modern functionality, minimising heritage disruption while accommodating modern needs. While expanding the building’s footprint was considered, maintaining the current size was deemed to be more financially prudent to ensure maintenance affordability and would still provide essential facilities. See Page 2 for more details of the debate.