The moderate-sized exploration company, Black Range Minerals NL, is a curiosity in many ways.

In early 1997, Noble Resources NL changed their name to Uranium Australia NL to try and take advantage in the stock market of the perceived optimism for uranium and their Uranerz uranium exploration leases. However, with the difficulty of establishing Angela (due to traditional owner opposition), their poor confidence in the depressed world uranium market, and the spectre of Labour gaining power and stopping new uranium mines, they changed their name again to Black Range Minerals in mid 1998.

It currently controls the tenements for the medium-sized Angela/Pamela uranium deposits, a potential ISL mine, 25 km south of Alice Springs, NT. When German uranium giant Uranerz left Australia in 1991, Noble Resources bought up their exploration leases (through subsidiary Uranerz Australia Ltd or UAL). Interestingly, John Borshoff (former managing director of Uranerz), picked up the geological exploration database from Uranerz and used it to float Paladin Resources in 1993.

The stock market is showing much more confidence in their progression of the Syerston nickel-cobalt project in northern NSW than any uranium exploration (Syerston was the major non-uranium asset of Uranerz). The project is looking so good in fact, with high nickel-cobalt grades, that production costs of the nickel would essentially be negative after cobalt credits (most mining industry folks are skeptical of such claims though). The resource is very large, and looks to be a "company maker" - providing Black Range with a large mine and revenue for at least 50 years. The resource also includes some high-grade platinum mineralisation as well as isolated patches of other rarities like valuable scandium.

Although showing some resilience in their exploration commitment to uranium, Black Range wound back most of their uranium leases and work during 2000 to concentrate all corporate efforts on the massive Syerston project. The 50% interest in the Brightstar Joint Venture with Paladin Resources, focusing primarily on uranium in the Lake Frome region in SA, was sold to Paladin in mid 2000 (giving Paladin 100%). Most of these exploration projects are for sedimentary uranium deposits exploitable by In Situ Leach (ISL) mining techniques. Just in case Paladin Resources succeed, however, Black Range have accepted payment for their 50% share in the Brightstar JV in the form of 1 million Paladin shares. The numerous exploration leases Black Range acquired through Uranerz in Arnhem Land, Northern Territory, have also been sold to Cameco for a mere $100,000.

Another region where Black Range were hopeful for uranium exploration was the Musgrave Ranges in north-western SA. Access to exploration and mining in the Anangu Pitjantjatara lands was the subject of considerable controversy during mid-1999. A major deal was apparently signed between lawyers and some traditional owners, however, not all TO's were present at the signing and thus the legal validity of the agreement is in question and also the access for exploration and mining. In March 2000, Black Range abandoned their Musgrave Range exploration leases.

Black Range still own and maintain the leases over the Angela/Pamela deposits, a moderate sized uranium resource about 25 km south of Alice Springs. Originally discovered by former German uranium giant, Uranerz, the ore is about 12,000 t U₃O₈ averaging 0.1%. The project has always been fiercely opposed by traditional owners, and rests above the groundwater aquifer that Alice Springs obtains its water supply from. The project is a probable In Situ Leach mine - horrendous given the potential to contaminate Alice Springs town water.

A further factor in Black Range's slowly-but-ever-so-slowly exit from uranium exploration, according to their 2000 Annual Report, is that 'it became apparent that financing for the Syerston Project would be made difficult by Black Range's involvement in uranium and the array of native title interests and land access' (page 10). Yet more proof that ethical investing is starting to really hurt the mining companies who continue to disregard indigenous and community opposition to issues such as uranium mining.

Although it appears that Black Range have not found a significant new uranium orebody in their exploration, they certainly advanced exploration interests in all areas to date. The chance of future success is unknown. Certainly, the current management is making a more certain and wise gamble on the Syerston project. Let's hope they keep going this way and continue to divest their interests in Angela/Pamela and Paladin also.

• John K Ellis - Chair since April 5, 2000. Former chair of BHP, Director of ANZ Bank, Aurora Gold , Pacifica Group Ltd, Sandvik Australia Pty Ltd and GroPep Pty Ltd. Chancellor of Monash University, Chair of AMEEF and the Australia-Japan Foundation.
• James E Askew - American mining engineer and manager. Has experience in base metals, precious metals and uranium.
• Michael G Blakiston - Director of Saracen Mineral Holdings Ltd, Swiftel Ltd, Platinum Aust Ltd, Equico Corp Ltd, Chatsworth Stirling Pty Ltd and Ranger Minerals NL. Western Mining Corporation from 1963.
• Hugh McLernon - Director of Ramsgate Resources Ltd, Westgold Resources NL, Saracen Mineral Holdings Ltd, Carpenter Pacific Resources NL and others.
• Geoff M Motteram - Metallurgical engineer, involved with the Kalgoorlie Super Pit, and was a founding board member and technical director of Anaconda Nickel Ltd.
• Geoffrey Pickles - Consultant to sharebroking firm Dicksons Ltd. Director of A I Engineering Corporation Ltd and Australian Oil & Gas Corporation.