The NT Independent is providing an update of resource news from across the Northern Territory. Among the highlights this week are Tamboran Resources now being the biggest player at Beetaloo Basin, Ragusa Minerals being granted a new six-year tenement within its Territory lithium project, Avenira setting up a new LPF cathode plant after partnering with the NT Government and Advanced Lithium Electrochemistry, plus more.

Avenira to put up an LFP cathode facility in the Territory

Avenira (AEV) will be developing a lithium iron phosphate (LFP) cathode plant in the Territory after it signed an agreement with the NT Government and Advanced Lithium Electrochemistry (Aleees). The joint-venture parties will be sourcing phosphate from AEV’s Wonarah project to develop an LFP battery manufacturing plant in Darwin.

The facility is expected to have an initial capacity of between 5,000 and 10,000 tonnes annually, with the likelihood of expanding production to 200,000 tonnes per year by 2032.

As part of the partnership agreement, the NT Government will be advising and assisting the companies in terms of the needed infrastructure such as water, energy, power, telecommunications, road, port and rail access, and service requirements for the proposed facility.

Aleees is a global manufacturer of LFP batteries. The company is one of the few companies outside China with complete LFP cathode material manufacturing capability and owns more than 120 exclusive patents with customers from several countries.

“This MoU opens the door for Avenira to learn from Aleees about LFP battery cathode manufacturing technology and leverage this experience to optimise the production of phosphoric acid from the Wonarah project and develop downstream assets to produce Australia’s first LFP pre cursor cathode material,” Avenira executive chairman Brett Clark said.

 

Tamboran is now Beetaloo’s largest player

Tamboran Resources is now considered the biggest player in the Beetaloo Basin after purchasing 100 per cent of Origin’s assets at Beetaloo with an estimated 92 per cent, or 4.1 million acres of the 4.5-million-acre reserve.

Tamboran currently owns 77.5 per cent of the three fields purchased from Origin and Falcon Oil & Gas Australia has 22.5 per cent. Origin also signed up as Tamboran’s first client after signing a 10-year agreement with Tamboran to buy 100 terajoules a day from Beetaloo, on top of a wellhead revenue agreement based on a 5.5 per cent royalty payment.

The company has announced details of its $190 million capital raising. It said more than $100 million was sourced from strategic US investors, including $30 million from its main shareholder Parsley Energy billionaire Bryan Sheffield. Around $35 million came from local investors. Currently, it has raised $300 million for its Beetaloo asset.

“This will facilitate a much bigger development including 1000TJs a day to Middle Arm to tie in with the ambitious plans the Territory government has for Middle Arm including production of ammonia, urea, hydrogen and potentially LNG,” Tamboran chief executive Joel Riddle said.

 

Central Petroleum announces 2022 annual results

Central Petroleum Limited (CTP) said the company has posted a net profit after tax of $21.3 million for the financial year to 30 June 2022. This includes a $36.6 million profit on the sale of half of its interest in its three producing gas and oil fields in the Territory. The result also includes $21.6 million of exploration expenses during the year.

Underlying Earnings Before Interest, Tax, Depreciation, Amortisation and Exploration (EBITDAX) was $16.7 million, on revenues of $42.2 million which reflected strong oil and gas prices, albeit from a reduced production base.

“It has been a busy year which has seen Central make progress in several key growth strategies, supported by the ongoing strong operational performance of our producing fields,” said CTP CEO and managing director Leon Devaney.

“This continuing strong underlying performance demonstrates the production potential of the Amadeus Basin and with a supply-constrained energy market, provides stimulus for increasing investment in the region.”

The company said it is now positioned to be a major domestic energy supplier, with exploration and development plans across 180,000 km of tenements in Queensland and the Territory, including some of Australia’s largest known onshore conventional gas prospects.

 

Ragusa gets a new lithium tenement in the Territory

Ragusa Minerals (RAS) has been granted a new six-year tenement within its Territory lithium project, 60 kilometres south of Darwin, beside Core Lithium’s Finnis project. RAS said the area is highly prospective for lithium and is engaging its key stakeholders to start the project’s exploration phase.

The initial phase includes targeting outcropping pegmatite rocks and potential buried targets using geochemical sampling, the extrapolation of known and outcropping targets, and remote sensing. This will be followed by RAS developing a detailed lithium program to conduct exploration and drilling work in the tenement area.

“This is another very positive milestone that puts Ragusa in a strong position to rapidly accelerate the development of our project within a proven high-quality lithium district,” RAS chairman Jerko Zuvela said.

“We have a significant opportunity to utilise our exploration and development experience to rapidly progress our NT lithium project and realise the massive upside value potential in a Tier One jurisdiction close to major infrastructure at a time of record lithium prices.”