Since acquiring Mengapur, the Company has carried out extensive exploration programs (59,000m of drilling) to confirm historical Resources and metallurgical testwork in studying downstream products. The results when completed will be included in a Preliminary Economic Assessment study (“PEA” study). The resource confirmation was largely completed in 2014 while metallurgical work is pending completion.
The Company in 2014 entered into an Oxide Magnetite Purchase and Profit-Sharing Agreement for the acquisition of certain overburden top soils in Area C on the Mengapur Project and the production of magnetite from these soils. Also the Company purchased at the same time approximately 1.2 million tonnes of stockpiled oxide magnetite top soils.
The Company plans to exploit Intec Technology from Intec International Projects Pty Ltd (“Intec”) for testing sulphide copper recovery at the Mengapur Project. In August 2017, the Company signed a Deed of Variation Agreement with Intec to the Heads of Agreement from 2015 to extend the term of the interim Intec license to January 16, 2022. The objective of the testwork is to produce copper metal in-country to supply local copper product fabricators, as opposed to shipping concentrate off-shore.
The major mining license for the Mengapur Project tenement was renewed in June 2016 and exploration and mining license applications are pending approval by Pahang State for Star Destiny Sdn. Bhd. (“SDSB”), a 100% owned subsidiary of Monument.