American Pacific Borates Limited (ASX: ABR) is a publicly listed company focused on advancing its 100% owned Fort Cady Borate Project located in Southern California, USA. ABR’s ambition is to become a substantial global specialty fertiliser producer.
Fort Cady is a highly rare and large colemanite deposit and is the largest known contained borate occurrence in the world not owned by the two major borate producers Rio Tinto and Eti Maden. The Project has a JORC mineral estimate of Resource of 120.4 million metric tonnes (“Mt”) at 6.5% B2O3 (11.6% Boric Acid equivalent [H3BO3] and 340 ppm Lithium (5% B2O3 cut-off) for 7.8 Mt contained B2O3 (13.9 Mt H3BO3):
- Total Measured MRE of 38.87 Mt at 6.70% B2O3 (11.91% H3BO3) and 379 ppm Lithium (5% B2O3 cut-off grade) for 2.61 Mt contained B2O3 (4.63 Mt H3BO3)
- Total Indicated MRE of 19.72 Mt at 6.40% B2O3 (11.36% H3BO3) and 343 ppm Lithium (5% B2O3 cut-off grade) for 1.26 Mt contained B2O3 (2.24 Mt H3BO3)
- Total Inferred MRE of 61.85 Mt at 6.43% B2O3 (11.42% H3BO3) and 322 ppm Lithium (5% B2O3 cut-off) for 3.98 Mt contained B2O3 (7.07 Mt H3BO3)
In total, in excess of US$60m has been spent at Fort Cady, including resource drilling, metallurgical test works, well injection tests, permitting activities and substantial pilot- scale test works.
ABR expects the Fort Cady Borate Project can quickly be advanced to construction ready status due to the large amount of historical drilling, downhole geophysics, metallurgical test work, pilot plant operations and feasibility studies completed from the 1980’s to early 2000’s
Resource Table – Fort Cady Mine
|JORC Compliant Mineral Resource Estimate and Reserve|
|Reserves||MMt||B2O3 %||H3BO3 %||Li ppm||B2O3 Mt||H3BO3 Mt|
|Total M, I&I||120.44||6.51||11.57||344||7.84||13.93|
A Definitive Feasibility Study (“DFS”) was completed in December 2018 (ASX release dated 17 December 2018). An enhanced DFS was completed in April 2020 (ASX release dated 16 April 2020). The enhanced DFS increased production of SOP to 363ktpa in full production. This complemented boric acid production of 409ktpa. The enhanced DFS delivered exceptional financial metrics, including an unlevered post tax NPV8 of US$1.97bn, an unlevered post tax IRR of 39% and an EBITDA in the first full year of production of US$438m.
The Company also has an earn in agreement to acquire a 100% interest in the Salt Wells North and Salt Wells South Projects in Nevada, USA on the incurrence of US$3m of Project expenditures. The Projects cover an area of 36km2 and are considered prospective for borates and lithium in the sediments and lithium in the brines within the project area. Surface salt samples from the Salt Wells North project area were assayed in April 2018 and showed elevated levels of both lithium and boron with several results of over 500ppm lithium and over 1% boron.
Michael X. Schlumpberger
Managing Director and CEO
BEng (Mining), MBA
Mike is a qualified mining engineer with over 30 years’ experience in industrial minerals. His background includes management, operations, and maintenance in all aspects of mining, processing, reclamation, and permitting. He has held senior roles with Potash Corporation of Saskatchewan, Passport Potash, and Highfield Resources, and has worked in the United States, Canada, and Europe. Mike holds an MBA from East Carolina University.
David J. Salisbury
Non Executive Chairman
BSc (Electrical Engineering), MBA
David is a qualified electrical engineer with over 40 years’ experience in the global mining industry. David resides in the USA and is a former Rio Tinto executive who was President and CEO of Resolution Copper Company, Kennecott Minerals Company and Rössing Uranium Limited. David has been directly responsible for the development, construction and production of four mines.
LLB(Hons), BBus, AGIA
Anthony is a qualified lawyer with 20years´ commercial experience in venture capital, risk management, strategy and business development. He was Managing Director of ASX listed Highfield Resources Limited from 2011 to 2016. During his tenure the company’s market cap grew from $10m to over $500m and over$140m was raised to progress potash projects in Spain. Anthony holds a Bachelor of Laws (Hons), Bachelor of Business and a Graduate Diploma of Applied Finance and Investment.
Non Executive Director
Stephen has 25 years’ experience in the marketing mineral products worldwide. His career includes 15 years at BHP Billiton where he spent 5 years in the London office marketing minerals to a global customer base. Stephen has built his own minerals trading company, which has a strong Chinese focus. He brings 15 years of cumulative board experience with four ASX listed companies. Two of those companies were successful in transitioning from project development to production.
Non Executive Director
John has performed in senior management positions in the mining industry for approximately 25 years. He is experienced in Corporate Operations, Management and Business Development. John has co-founded a number of mining companies, including Western Gold Resources, American International Trading Company and Western States Engineering, an engineering company specializing in mining related engineering projects. His responsibilities have included overseeing operations in the U.S., Mexico and Bolivia.
BComm, CA, AGIA
Aaron is a qualified chartered accountant and company secretary with over 10 years’ experience in the mining industry and accounting profession. He has both local and international experience and provides assistance to a number of resource companies with financial accounting and stock exchange compliance. Aaron has significant experience in the administration of ASX listed companies, financial accounting, corporate governance and corporate finance. He was previously Australian chief financial officer of Highfield Resources Ltd (ASX:HFR). Aaron acts as Company Secretary for ASX listed companies Red Emperor Resources NL (ASX:RMP) and Fin Resources Ltd (ASX:FIN).
Orgil has a degree in Minerals and Mining Engineering and is tasked with the construction of the project. He has over ten years’ experience including project management. This experience includes construction of a US$200m greenfield mine and processing facility for an industrial minerals processing facility.
Cindi has a master’s degree in Environmental Engineering and an undergraduate degree in Geology. With over 35 years’ experience Cindi has permitted four mines, and has permitting experience in California and Nevada as well as with the Bureau of Land Management (BLM). Cindi also has experience in safety and process safety management (PSM).
Head of Product Development and Partners
Joe was previously a senior manager of Hunnu Coal and engineered their successful $500m takeover by Banpu plc. Joe was also the CEO of Voyager Resources (copper and gold in Mongolia and Brazil) and on the board of Avenue Resources (tin exploration in Brazil). He was also a Director and founding Partner of Starboard Global, a natural resource PE group. He holds an MBA from the Australian Graduate School of Management (AGSM).
Mr. David J. Salisbury (Non-Executive Chairman)
Mr. Michael Schlumpberger (Managing Director)
Mr. Anthony Hall (Executive Director)
Mr. John McKinney (Non-Executive Director)
Mr. Stephen Hunt (Non-Executive Director)
Mr. Aaron Bertolatti
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