Aus Tin Mining commences sale of Granville

The Granville site. Image: Aus Tin Mining.

Aus Tin Mining has inked an agreement with Ten Mining for the proposed sale of the Granville tin mine on Tasmania’s west coast.

The agreement will see Ten Mining receive all shares from Ten Star Mining, a subsidiary of Aus Tin Mining.

In exchange, Ten Mining is expected to pay Aus Tin Mining $365,000 and a further $635,000 for existing environmental bonding commitments.

Aus Tin Mining was previously working with Ten Mining to resume operations at Granville, and was seeking approval for 24-hour operations at the site.

The company stated that delays in finalising funding documentation along with the impact of travel due to COVID-19 had affected its return to operations at Granville.

Aus Tin Mining will now lend its focus to copper-gold exploration in New South Wales, with the sale of the Granville tin mine expected boost its stance as an exploration and development focussed company.

This is supported by Aus Tin mining’s recent farm-in agreement over exploration licenses for copper and gold in the Lachlan Fold Belt in New South Wales.

Tin mining will still be undertaken by the company through its Taronga tin project in northern New South Wales, which has a higher value than Granville.

To preserve its savings during COVID-19, Aus Tin implemented a 25 per cent reduction in fees for directors and senior management in March.

Further details for the sale of the Granville tin mine will be released once formal documentation has been finalised.

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