HomeMining Industry News Cu-River Mining Buys Termite Resources Iron Ore Mine

Cu-River Mining Buys Termite Resources Iron Ore Mine

Wednesday 15th of April 2015 10:24:55 AM



A group of Chinese businessmen have bought the failed Cairn Hill iron ore mine from the liquidator of Termite Resources.

Termite Resources which was one of the first companies last year to go bust from the iron ore price slump, has been acquired by Cu-River Mining.

The mine near Coober Pedy in northern South Australia was acquired for an undisclosed price, adding to some nearby exploration tenements the company bought for $3.7 million in September 2014 from the liquidator, Ferrier Hodgson. Those tenements are known as the Mt Woods iron ore project.

Cu-River Mining is an entity set up in Australia in June 2014 and its president is listed as Yonggang Shan.

In 2014 Ferrier Hodgson liquidated Termite’s assets and was appointed as administrator of the company, with the iron ore price sitting at $US89 a tonne. Termite operated for only four years before the collapse of the mine, which left 200 people out of work.

Termite was 51 per cent-owned by ASX-listed IMX Resources, with the other 49 per cent owned by China's Taifeng Yuanchang International Development.

In 2010 IMX had a market capitalisation of $200 million, with the first shipments of iron ore made from Cairn Hill, about 55km from the opal mining centre of Coober Pedy.

Cu-River has continued to invest in Australian iron ore assets with a positive outcome amongst the falling iron ore miners.

The Mt Woods tenements comprise eight exploration licences covering about 3400 square kilometres, about 50 kilometres south of Coober Pedy. The acquisition by Cu-River of those tenements in September 2014 for $3.7 million enabled IMX to pay $3 million to extinguish a liability to Flinders Ports, which operates most of South Australia's ports.

At the time of higher iron ore prices Cairn Hill was prospering, with an average price of $US135 a tonne in 2013.

Recent Related News

Unearthing the precious opals and colourful characters of Coober Pedy

Monday 24th of April 2017 09:57:18 AM

Since the turn of the 20th century, the opal fields of Coober Pedy have inspired hundreds of travellers looking to change their luck. The name 'opal' is thought to have originated from the Ancient Greek word opállios, which means 'to see change'. Read Full Story Here


Opal rush returns to Coober Pedy with miners flocking to re-opened land

Monday 20th of March 2017 09:47:01 AM

Hundreds of opal miners have converged on Coober Pedy to take part in a ballot to allow them to mine on sections of land that have been untouched for almost 40 years. Read Full Story Here


Cu-River Mining Buys Termite Resources Iron Ore Mine

Wednesday 15th of April 2015 10:24:55 AM

A group of Chinese businessmen have bought the failed Cairn Hill iron ore mine from the liquidator of Termite Resources. Termite Resources which was one of the first companies last year to go bust from the iron ore price slump, has been acquired by Cu-River Mining. The mine near Coober Pedy in ....


IMX Raises $1.57Million To Continue Studies On Chilalo Graphite Project

Tuesday 7th of April 2015 01:08:48 PM

IMX Resources Limited has officially announced it has been successful in raising $1.57 million to fast track its 100%-owned Chilalo Graphite Project in Tanzania. The company has completed a share placement of 157 million shares at an issue price of 1.0 per share to sophisticated and professional ....


Y Fronts teaser banner MiningLink prefered resume writers Civil Link Banner
Open Cut Diesel Fitter
Lifestyle Roster (5/4, 4/5, 5/5) supporting work/life balance An opportunity to join a diverse and inclusive leading edge business Great systems, procedures, equipment and people

8 X Trade Assistants Required For Saraji Shutdown
8 x Trade Assistants required for upcoming Saraji mine cleaning shut down for 2 weeks in July.

Digger Fitters Required Asap
Digger Fitters required for a heavy repair company for an upcoming mining project. Excellent and well known company within their industry.

Painter Blaster Required For Asap Start
Painter/Blaster required for ASAP start for 2 week role with view for extension

Boiler Maker
Permanent Position Boilermaker.

Perth Shipbuilder Lands $780M Contract
Perth-based shipbuilder Austal has secured a $780 million contract by the US Navy, to supply an additional Littoral Combat Ship. It's the 14th combat ship Austal has already been contracted to ....

Wollongong Coal Taken To Court
Wollongong Coal being taken to court for its alleged failure to pay rent to the NSW Government comes at a bad time for the miner – it is already being investigated over whether it is a “fit and ....

Curtis Island Gear Goes Under Hammer
Used equipment from Queensland Curtis LNG Surat Basin Project will go under the hammer on Wednesday in an auction held by Hassalls. More than 700 lots of unused and pre-loved gear from the Project ....

Students Get Opportunity To Explore Engineering And Trades
Indigenous and female students make up nearly half the students taking part in the trade and engineering camps, run by the Queensland Minerals and Energy Academy (QMEA) in Mount Isa this ....

Glencore Supports Nyrstar Project At Port Pirie
Glencore has announced it has been engaged by Nyrstar to provide, through the Kazzinc operation in Kazakhstan, training and ramp-up support services in connection with Nyrstar’s Transformation ....