Southern Cross Resources (SCR) is one of the new junior Canadian uranium companies trying to optimistically establish their position in the world uranium market where demand is supposed to exceed supply by early next century. After months of negotiation between numerous parties with interests in Honeymoon and surrounding uranium deposits (such as Sedimentary Holdings and MIM), SCR emerged in May 1997 with a deal to finance and resurrect the mothballed Honeymoon pilot plant and develop a new ISL mine. They have wasted no time in trying to re-establish the Honeymoon project as a firm proposal for a new mine.
By late 1997 SCR had submitted a Declaration of Environmental Factors (DEF) document DEF Critique summary here) to the former South Australian Mines and Energy Department (or "MESA") for a new In Situ Leach field trial, which, upon submittal of a supplemental DEF in early 1998, was eagerly approved by March 1998. The new trial began in April 1998, amid a flurry of promotion to the Canadian Stock Exchange.
However, the state of the global economy has ravaged SCR’s prospects, and it has been working at a loss as currency problems and much higher-than-expected costs hurt the company hard. By late 1998, SCR had announced new financing deals and was progressing development of the Honeymoon pilot plant as if it were an approved commercial mine, despite the requirement for a new Environmental Impact Statement (EIS) for the project. New drilling of production bores began in November 1998, as the “demonstration trials” continued to increase production.
SCR have recently changed tack over Native Title, and at least acknowledge the need for negotiating with the various claimants. However, they still apparently refuse any requests for discussion and negotiation from the Adnyamathanha for Aboriginal heritage issues in the region.
Also, despite having no export licence issued, SCR have announced a contract to sell the uranium from it’s current trial!!! SCR have also stated they have contracts in place for approximately 60% of the production from Honeymoon.
There has yet be a public release of monitoring data from the disastrous 1982 field trial at Honeymoon, where recalcitrant problems of the mineral jarosite occurred, precipitating and blocking pipes and the flow of the solutions through the ore zone. Continuing in the same classic veil of secrecy in true nuclear industry style, SCR are still refusing to allow full public access to past and current monitoring data.
| Directors : | Martin C Ackland (President & Chief Executive Officer, Australia), Oliver Lennox-King (Chair, Canada), Donald Falconer (Vice President, Canada), Robert Devereux, Hugh Snyder, James T Clements (Managing Director of Resource Capital Fund LP), Donald J Robinson |
| Contacts : | Canada : (Head Office) Suite 820, 26 Wellington Street East, Toronto, ON M5E 1S2 Ph +1 416 350 3657 - Fax +1 416 363 6806 Australia : (Corporate) Unit 4, 51 Stephen Tce, St. Peters SA 5069 P.O. Box 112, Kent Town SA 5071 Ph (08) 8363 7006 - Fax (08) 8363 7009 Australia : (Field Office) 540 Rhodenite St, Broken Hill, NSW 2880 Ph 007 184 051 (Honeymoon Site) - Fax 007 184 054 |
| Website : | www.southerncrossres.com (not available yet) |
| Email : | Canada - dfalconer@southerncrossres.com Australia - adelaide@southerncrossres.com.au |
| Share Codes : | Shares - SXR (Home Exchange - Toronto, Canada) |
| State/Country : | Ontario, Canada |
| Annual Reports : | Request by Email |
| ACN : | 010-276-525 (Southern Cross Resources Australia Inc. ACN 069-420-462) |
| Other Websites : |
Some Shareholders (30-April-1998)
| Company or Entity | |
|---|---|
| Resource Capital Fund II LP (Denver, CO, USA) | |
| Sedimentary Holdings NL | |
| O Lennox-King | |
Director's Interests
- Martin C Ackland - Director of Sedimentary Holdings NL and McConnell Dowell Corporation Ltd (a large engineering construction firm of 40 years, with a specialty for pipelines and heavy machinery, it is majority owned by LTA Ltd - a South African firm 68% owned by infamous miner Anglo American) (Ackland also has experience at the Rum Jungle Rehabilitation Project)
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References Annual Reports 1997 & 1998, Mudd (1998).
Last updated Augst 29, 2001.
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