Production for Union Resources

Written on the 28 January 2011

MAY 2010

SINCE its Mehdiabad zinc mine was appropriated by the Iranian Government in 2006, Brisbane-based Union Resources Limited (UCL) has made itself a lifeline through a 1.6 billion tonne phosphate resource off the coast of Africa.

For its exploration efforts the company was listed to speak at the Emerging Stars In Resources 2010 forum hosted by One2One Investors last month.

Managing director Chris Jordinson expects the Sandpiper-Meob Phosphate Project in Namibia to be in production next year.

“But Walvis Bay can only handle one million tonnes per annum so the project life is almost infinite,” he says.

“I wouldn’t like to put a value on it, as because it’s an industrial mineral there are various points where we can sell the product with different revenue curves.

“We’d like to get an end user as a fertiliser producer, and given the situation in Africa we’d like Namibia to be a beneficiary.”

Jordinson does not plan to limit sales to Africa, with Namibia in an ideal geographical position to export to Europe and India.

He says that despite existing capacity constraints in Namibia, Australia’s iron ore boom has gone to show that governments can improve the capacity of ports and facilities.

“Namibia is the flagship for stability in Africa, the government is stable, the economy is good and the infrastructure is very good.”

Union is involved in the project through a joint venture with Perth-based Minemakers Limited (MAK) and currently employs around 15 staff in Namibia.

Jordinsen says Union Resources spent more than US$16 million developing the Mehdiabad first class zinc mine in Iran, as well as a bank feasibility study, but the Iranian Mines and Mining Industries Development and Renovation Organisation (IMIDRO) forcibly took it over.

Union held a political risk insurance policy with the Australian Export Finance and Insurance Corporation (EFIC), but the limit of liability was US$4.5 million.


Latest News

HOW INGRID BONNOR TURNED A LABOUR OF LOVE INTO A WORLDWIDE FASHION ICON

BEFORE Ingrid Bonnor started her bridal robe and feminine sleepwear company Homebodii in 2011, she didn't have an...

G8 EDUCATION EXECUTIVE CHRIS SCOTT RETIRES AS COMPANY CUTS CHINESE TIES

LONG-TIME managing director and executive of G8 Education (ASX: GEM) Chris Scott has announced his retirement, on ...

REGIONAL BANKS HIT OUT AT RATING CUT AND WARN BIG FOUR WILL BENEFIT

REGIONAL banks have hit out at a downgrade on their credit ratings, warning that it will increase their wholesale fun...

$71 MILLION SALE OF 'SYDNEY SIX' GIVES RISE TO WESTERN SYDNEY INVESTMENT HOTSPOT

SIX INDUSTRIAL assets in Sydney's West, dubbed the 'Sydney Six', have sold for a collective $71 million, ...

Related News

REGIONAL BANKS HIT OUT AT RATING CUT AND WARN BIG FOUR WILL BENEFIT

REGIONAL banks have hit out at a downgrade on their credit ratings, warning that it will increase their wholesale fun...

THE COMPANY THAT DECIDED IT WAS GOING TO GIVE A CRAP THANKS TO CROWD FUNDING

SIMON Griffiths is using toilet paper to save the world.

In 2012, on the back of an IndieGoGo crowdfunding campaig...

SURFSTITCH DOWNGRADES EARNINGS AS SHARES PLUNGE 25 PER CENT IN A DAY

TROUBLED online sports clothing retailer SurfStitch is considering selling off more of its assets and will close i...

AUSCANN RESUMES TRADE AFTER $12 MILLION CAPITAL RAISING

IT'S BEEN a big few days for medical cannabis manufacturer AusCann (ASX: AC8), as the company emerged from a trad...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter