Monument Mining has been granted an interim licence from Intec International Projects to exploit and test Intec’s technology for copper and gold recovery. The licence also enables Monument to use its Selinsing Gold Process Plant as an alpha site.
Intec is a technology company incorporated in Australia with which Monument last week signed a Heads of Agreement. Subject to success of the trial commercialization test work and certain conditions, Monument will obtain the licence rights to exploit Intec's technology in respect to an agreed territory which covers most of South East Asia, including Malaysia, Australia and China.
The Intec technology is under several registered patents and is a hydrometallurgical process using a mixed halide lixiviant for the extraction of pure copper, precious metals and associated metals from sulphide concentrates.
Management of Monument is of the view that the Intec technology, among other alternatives, might provide an economic solution to treat sulphide materials through Monument’s Selinsing plant and for other gold projects.
In consideration to secure the interim licence, and to be granted the Intec licence over the territory, Monument will issue, subject to regulatory approval, 14 million fully paid common shares of the company for an aggregate issue price of $3.5 million.
These shares will be held in an escrow account and will be earned by Intec upon acceptance of milestones by Monument at each stage of the commercialization trial testing work to be undertaken during the interim licence. The escrow shares will not be released to Intec until the completion and commissioning of the trial commercial plant which demonstrates that the plant is working successfully, and certain other conditions are satisfied.
The terms of the interim licence will allow Monument to develop and use the Intec technology through several carefully monitored stages, one of which has already been successfully completed, to treat the deeper sulphide ore at its Selinsing and Buffalo Reef gold projects in Pahang State, Malaysia to recover gold. The investment risk is limited to the expenditures incurred to each stage undertaken and if the results are not to Monument’s satisfaction, Monument will have right to withdraw from further commitment.
Monument’s president and CEO Robert Baldock says, “The business initiatives of acquiring the Intec licences and use the Selinsing plant as the alpha site is to develop a methodology in treating sulphide refractory ore through the Selinsing existing processing circuit, infrastructure and workforce without any major capital expenditure and interruption of the gold production.
“The company has been working for some years on achieving the best commercial result for its sulphide ore processing to recover gold already discovered and in some cases mined and stockpiled. The Intec technology chemistry has been well understood for many years however, a new innovation makes it particularly well suited to arsenical gold. The key issue for Monument is scale-up which is being addressed in this program.”