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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.

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