IBML History

2016

International Base Metals Limited (IBML) has executed a Subscription Agreement (the Agreement) with Macquarie Gold Limited (MGL) for a major investment in MGL and its gold assets. Upon completion of the Agreement IBML will invest $10 million in MGL for new shares in MGL representing 40% of the total issued capital.

2015

The MME cancelled the Omitiomire Mining Licence due to a successful legal challenge by the farmers to the legality of MME's issuance of the licence.

IBML initiated cost-cutting measures, including staff retrenchments at both IBML and Craton.

Craton re-applied for a Mining Licence to cover the Omitiomire project area.

The Craton Foundation continued to provide charitable assistance to the community by initiatives such as the 'Eye See The World' program.

2014

The Namibian Ministry of Mines and Energy (MME) granted a mining licence covering the Omitiomire Phase 1 Project development. The Namibian Ministry of Environment and Tourism (MET) issued an Environmental Clearance Certificate (ECC) in respect of the Omitiomire Phase 1 Project.

IBML conducted exploration of the Epembe tantalum-niobium prospect but decided to withdraw from the joint venture.

2013

Mr Elia Shikongo, a highly-regarded lawyer, was appointed as Chairman of Craton Mining & Exploration (Pty) Ltd.

A new cornerstone investor, Heilongjiang Heilong Resources Investment Company Limited (‘Heilong’), subscribed for A$30 million in new equity in IBML.

A definitive feasibility study (DFS) on a proposed oxide copper mining and processing operation at Omitiomire showed a potentially viable project.

2012

A revised resource estimation at Omitiomire showed an Indicated + Inferred Resource of 136 million tonnes at 0.53% Cu (712,000 tonnes contained copper metal) and potential for an additional 516,000 tonnes of copper metal. Craton carried out scoping studies for a small-scale mining and processing operation based on the shallow oxide copper resource at Omitiomire.

An agreement with African Mining Capital Pty Ltd secured IBML the option of earning a majority stake in the Epembe tantalum-niobium exploration project in Namibia.

2011-2010

Pre-feasibility studies in 2010 showed the likelihood of a profitable copper mining and processing operation based on the known Omitiomire resource and the prevailing copper price. Continued drilling has expanded the resource to 136 million tonnes at 0.53% Cu (at a 0.25% Cu cut-off grade), plus an additional “resource potential” (in areas of widely-spaced drill holes) of 94 million tonnes at a similar grade. The total resource + potential at Omitiomire is now over 1,200,000 tonnes of contained copper metal.

2009

In 2009, the global financial crisis forced a down-sizing of IBML’s activities, especially its Australian exploration activities. Additional funding from West Minerals allowed the company to continue work on the Omitiomire copper project.

The Craton Foundation was established as a Trust to provide funding for worthy causes (especially in education) in Namibia.

2008

By August 2008, a resource of 98 million tonnes at 0.51% Cu had been independently estimated at Omitiomire.

2007

In August 2007, drilling commenced at Omitiomire. An independent consultant estimated a resource potential at Omitiomire of 45 million tonnes at 0.72% Cu. In 2008, the Namibian JV agreements were converted to an equity arrangement.

2006

In 2006, IBML received an initial capital injection from West Minerals Pty Ltd. This allowed the company to expand into Namibia, and in early 2007, IBML secured joint venture agreements on three Namibian copper projects, including Omitiomire. At that stage, Omitiomire had an Inferred Resource (from previous drilling) of 8.5 million tonnes at 0.67% Cu. By mid-2007 IBML had established Craton Mining and Exploration (Pty) Ltd as its operating subsidiary, appointed senior staff in Namibia and established an exploration office.

2005-2004

During 2004-05, the company expanded into other mineral provinces in Australia:

Maranoa Resources Pty Ltd was established to hold exploration interests in Southern Queensland. Maranoa remains a wholly-owned subsidiary of IBML.
AuriCula Mines Pty Ltd was established to hold exploration interests in New South Wales. AuriCula remains a wholly-owned subsidiary of IBML.
Copper Range Pty Ltd was established to hold exploration licences in South Australia. The South Australian exploration assets were subsequently (in 2006) listed separately on the ASX as Copper Range Limited.
Zamia Resources Pty Ltd was formed to hold exploration interests in central Queensland. These assets were subsequently (in 2007) listed separately on the ASX as Zamia Gold Mines Limited (subsequently Zamia Metals Limited).

2003

An initial drilling programme at Mount Kelly intersected significant oxide copper, which was confirmed by an independent resource estimate in 2004. In that year, CopperCo Limited was formed as the listed vehicle for the acquisition of Savannah Resources, Reefway and the Lady Annie Project in northwest Queensland. IBML arranged for an in specie distribution of CopperCo shares to IBML shareholders.

2002

In 2002, International Base Metals Limited (IBML) was formed, with Savannah Resources as a wholly-owned subsidiary, and the company attracted seed funding from Australian and international investors. An agreement with Reefway Pty Ltd provided for Savannah Resources to earn a 50% interest in the Mount Kelly mining leases in northwest Queensland and form an exploration joint venture over other Reefway tenements in the region. Also in the same year, Savannah Resources secured options over exploration licences in the Cobar district of New South Wales.

2001

Our history begins in 2001, when Stephen Blackman and Ken Maiden established Savannah Resources Pty Ltd as an exploration company and lodged applications for three exploration permits in the Mount Isa district of northwest Queensland.