Speciality Metals International Limited (ASX:SEI), formerly Carbine Tungsten, changed direction with its name and is now a diversified metals exploration company with an improving market cap.
Having raised its market cap to above $16 million, from $3.8 million when we last reported on the company in June, SEI’s new direction looks to already have legs.
Whilst continuing to maintain its world-class tungsten assets at Mt Carbine in Far North Queensland, SEI has also expanded its exploration portfolio to include lithium and gold.
The company recently signed an agreement to purchase Mt Carbine Quarries Pty Ltd and the associated Mining Leases at the project. The purchase of the Quarry will assist in providing SEI with important cashflows.
SEI’s ambition is to become the preeminent tungsten producer in Australia — ambitions that look to be supported by a rising tungsten price and optimal global supply-demand balance.
Meanwhile, SEI has expanded its lithium exploration being granted an additional five exploration licences at Salar de Bellavista this month in Chile. Importantly, these concessions cover a significant portion of the western part of Salar de Bellavista, in a situation tectonically analogous to Salar de Atacama in Northern Chile, where the $14.7 billion capped Albemarle Corp and SQM S.A. produce a third of the world’s lithium from lithium brines.
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Going forward, SEI will look to incorporate other valuable mineral resources such as potassium, iodine and boron, contained within subsurface brines, within its Chilean exploration program.
It intends to create value for its shareholders through the exploration and development of its current portfolio, whilst continuing to evaluate corporate and exploration opportunities within the speciality metals sector.