MGT Minerals Pty Ltd (MGT). MGT is an emerging mineral producer and explorer which controls a range of mining licenses and explorations permits, all geographically situated within the Mount Garnet region of North Queensland 3 hours from Cairns. Located within the mining lease #4349 is the Mt Veteran mill. This mill was upgraded in late 2019, following the grant of the environmental permit for the exploitation of this lease (#4349). This first producing operation for MGT will be composed of two open-pit tin mines that will exploit the ore within Dalcouth and Summer Hill which has a combined mine life of 6 years.
Starting from April 2020, MGT expects to produce 1,600 metric tons of tin concentrate per annum (approx. AUD $30 million) In addition, MGT has several additional options to extend its production life and make full use of Mt Veteran mill, which is the only production mill in the region. In particular, MGT intends to enter into joint venture agreements, to fully utilize them, to explore the other tenements/exploitation permits it owns for new mineral resources, or to potentially acquire additional lease(s) in the neighbouring grounds.