InterMet Resources Limited (ASX:ITT) is a dedicated uranium, copper, gold, nickel and base metals exploration and development company.
We are mindful that we are operating in and around local landowners and communities and it is our greatest wish to see all benefit from our presence.
InterMet Resources Limited (ASX:ITT) is owned 84.5% by Hillgrove and is currently a uranium, copper, gold, nickel and base metals exploration and development company, with assets in the world class mineral deposits area of the Gawler Craton in South Australia and an impressive exploration portfolio in northern Queensland.
Since September 2008, when Hillgrove aquired a majority interest, considerable time has been spent reviewing the extensive InterMet portfolio with a view to reducing it to a manageable size and defining any key projects on which to focus exploration efforts. This work saw a large reduction in tenement holdings and two key focus areas identified in the Mt. Garnet area in Queensland and Lake Gilles area in South Australia.
With the review largely completed the focus has shifted to field exploration once more with on ground exploration having commenced at Munderra in Queensland in late 2009.
In June 2010 InterMet announced that it plans to refocus its activities around bulk commodities – bauxite, coal and iron ore both in Australia and Indonesia. Subject to shareholder approval InterMet has secured options, via Hillgrove, to acquire a 70% shareholding in five companies that own nine exploration licenses (IUPs) over the Landak and Tayan South Bauxite Projects, covering 1,400 square kilometres in West Kalimantan, Indonesia. The region is a recognised bauxite province with the Indonesian major, PT Antam, owning the Tayan bauxite deposit, located between the Landak and South Tayan Projects.
Hillgrove's work on the Landak bauxite deposit shows that high grade, alumina production quality, bauxite can be produced with favourable recoveries from the deposits so far identified. InterMet believes the projects in Kalimantan offer the potential to host bauxite mineralisation capable of supporting long-life mining operations. The projects will provide an ideal nucleus for InterMet to participate in the buoyant bulk commodities space.
InterMet, with Hillgrove's assistance, will start a rigorous exploration programme over the IUPs, with the aim of defining a bauxite resource base capable of justifying the establishment of an alumina refinery. Hillgrove has already completed several months of due diligence involving recognised mineral industry consultants Snowden Group, Independent Metallurgical Operations, METS and Aluminpro Aluminium Industry Professionals, and has conducted site surveys, test pitting and detailed metallurgical evaluations.
In 2005 the South Australian Government released a large area of highly prospective tenements in the Gawler Craton with several key holdings acquired by a joint venture with Hillgrove. To facilitate future exploration a A$4 million capital raising was proposed late that year. Hillgrove listed their 30% owned subsidiary (down from 77%), InterMet Resources Limited on the Australian Stock Exchange (ASX) on the 20 April 2006. The initial public offering closed oversubscribed by approximately $2 million due to strong support from brokers and Hillgrove shareholders, under a priority shareholder allocation offer.
InterMet ran its highly prospective uranium, gold and base metals tenement portfolio under the watchful eye of an experienced Board for two years until 2008 when the global financial crisis arrived in earnest. Then Chairman, David Archer felt that remaining synergies between the companies provided a series of compelling benefits for their re-merging. Bringing together InterMet’s predominantly gold and iron ore exploration assets with Hillgrove’s copper/gold development, base metals/gold exploration and investment assets would create a more diverse resources group.
Hillgrove successively concluded the takeover of InterMet and its associates on the 30 August 2008, reaching an 84.5% relevant interest. With Hillgrove’s controlling interest it has no plans to acquire the remaining portion of the company, but this is reviewed regularly by the Board in terms of the best interests for Hillgrove shareholders.
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