Directors are delighted to announce the purchase of an Australian asset of this worth and quality

“On behalf of the Board of Coolabah Metals, it is my pleasure to advise shareholders that the Company has entered into a binding agreement to acquire Broken Hill Mines Pty Ltd, which holds agreements to acquire the Rasp Mine and  an option to acquire a 70% profit share joint venture at the Pinnacles Mine in Broken Hill, NSW. 

In addition, the proposed transaction brings together a strong team with significant experience in Australian  brownfield base metal asset development and operations to drive the assets forward.  

This innovative consolidation transaction is the result of extensive due diligence and negotiation, culminating in what is now a significant opportunity to bring Coolabah Metals into production status.  

Rasp is an Ag-Pb-Zn mine that has been a consistent cashflow producer for well over a decade, delivering high  quality silver-lead and zinc concentrates globally. The Pinnacles Mine, currently on care & maintenance, sits approximately 15km from Broken Hill, and holds enormous potential to be an additional source of high grade silver, lead and zinc to feed into the currently underutilised Rasp infrastructure.  

Up until now, these Broken Hill assets have been operating as standalone projects. Merging these two assets for the first time in history will create strong synergies that will allow the material extension of mine life and production rates, creating significant operating cost advantages. 

Coolabah Metals and the board of directors are delighted to announce the purchase of an Australian asset of this worth and quality.”