Independent consultants have completed a preliminary economic assessment on Minemakers Ltd.’s (TSX: T.MAK, Stock Forum) Wonarah phosphate project in Australia. It concludes that the expenditure required for a full feasibility study is justified, the company said in a press release.
Minemakers says it has two of the largest undeveloped rock phosphate projects in the world at Wonarah in Australia’s Northern Territory and sub-sea off Walvis Bay, Namibia.
The company says the two deposits have the scale to make Minemakers a global force in phosphates.
On Wednesday, Minemakers said the preliminary economic assessment confirms the economic potential for a major fertilizer production facility at Wonarah. While the study is preliminary in nature, it models the economics of the development for the wholly-owned Wonarah deposit and proposed downstream processing facilities to produce superphosphoric acid or N-P fertilizers such as diammonium phosphate.
Trading at 16.5 cents on Wednesday, Minemakers has a market cap of $38.5 million, based on 233.5 million shares outstanding. The 52-week range is 50 cents and 16.5 cents.