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balamara resources ltd (BMB) Details

Balamara Resources Limited explores and develops mineral properties in central Europe and Australia. The company primarily explores for zinc, lead, copper, silver, and gold deposits. It has projects in Poland, Montenegro, Bosnia, and New South Wales, Australia. The company was formerly known as Sultan Corporation Limited and changed its name to Balamara Resources Limited in January 2012. Balamara Resources Limited was incorporated in 1993 and is based in Subiaco, Australia.

Founded in 1993

balamara resources ltd (BMB) Top Compensated Officers

Managing Director and Director
Total Annual Compensation: A$250.0K
Executive Chairman
Total Annual Compensation: A$250.0K
Executive Director
Total Annual Compensation: A$250.0K
Chief Geologist
Total Annual Compensation: A$175.0K
Compensation as of Fiscal Year 2013.

balamara resources ltd (BMB) Key Developments

Balamara Resources Limited Announces Feasibility Studies at Nowa Ruda Coking Coal Project

Balamara Resources Limited announced that it has commenced detailed Feasibility Studies at its Nowa Ruda Coking Coal Project in Poland as part of its plans to accelerate development of a high-margin European coal mine. The commencement of the Feasibility Study just seven months after securing the Nowa Ruda Project through the award of the Concession covering the mine in July 2013 reflects Balamara's strong commitment to fast-track the asset back into production as quickly as possible. The company has made significant progress to date, assembling a high quality in-country team that now includes an experienced local CEO and a Technical Manager, plus mining engineers, geologists and other staff with knowledge and expertise in developing mines through to production in Poland.

Balamara Resources Update on Peelwood Project

Balamara Resources Limited announced that an airborne time-domain electromagnetic and aeromagnetic survey will commence shortly at the Peelwood Zinc-Copper Project in New South Wales as part of a new exploration program being funded by its new farm-in strategic partner. The survey is designed to identify new targets for exploration drilling aimed at increasing the overall Mineral Resource at the Project, laying the foundations for potential additions to the mineable Ore Reserves. The Peelwood ore bodies are massive to semi-massive sulphide bodies that are electrically conductive and this type of airborne survey is particularly suited to detecting buried conductors within the first 100m from surface.

Balamara Resources Limited Reaches Agreement with CEB Resources to Farm into its Peelwood Zinc-Copper Project Located in NSW, Australia

Balamara Resources Limited announced that it has reached agreement with CEB Resources to farm into its Peelwood Zinc-Copper Project located in NSW, Australia. Under the agreement, CEB can earn up to a 49% interest in the Peelwood Project by spending $1.2 million in three tranches over the next 12 months, as follows: 20% via an initial tranche of $400,000, payable within 30 days of the agreement; A further 15% (CEB total 35%) within six months of the agreement via a second tranche payment of $400,000; and a final 14% (CEB total 49%) within 12 months of the agreement via a third tranche payment of $400,000. The farm-in deal with CEB is consistent with Balamara's previously outlined strategy to divest its non-core assets so that it can focus its resources on the delivery of its flagship asset, the Nowa Ruda Coking Coal Project in Poland. This agreement with CEB will allow Balamara to retain the Peelwood tenements and continue to add value to this Project, while managing any further exploration activities. CEB Resources will contribute the required exploration funding and participate in the technical committee, leveraging off the experience Balamara has gained at Peelwood over the past five years.


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