In recent years, the world has been experiencing a scarcity of tin resources. Tin reserves have decreased from 8 million tonnes in 2008 to about 6.1 million tonnes today. China accounts for 40% of the world’s tin production and as much as one-third of its tin consumption. The scarcity situation and the supply and demand gap is particularly pronounced in China’s domestic market. In view of such a market trend, Greentech is confident that the tin industry will have bright prospects. It subsequently acquired Parksong Mining and started its tin mining business in Tasmania, Australia through a joint venture. The Company now holds a 50% interest of the Renison mine, the Mount Bischoff open cut tin project and the Rentails tailings retreatment project there.
Renison is one of major hard rock tin deposits in the world, the richest tin orefield in Australia and also one of the largest tin orefields in the world. Besides, Renison is a multi-metal deposit with rich resources in lead-zinc, gold and iron and comprises a number of mines. Firstly discovered in 1890, large-scale operations were not commenced until 1965 and, by 2009, 40 orebodies were defined. Underground mining was started at Renison in May 2008. In the financial year 2015-2016, Renison processed approximately 689,000 tonnes of tin ore at an average grade of 1.29% tin and produced 6,364 tonnes of metal tin. Comprising the three parts of Renison Bell (underground mine), Mount Bischoff (open cut mine) and Rentails (tailings), the Renison project has a total tin reserve of over 171,000 tonnes. In addition to the main underground mine of Renison Bell, the Rentails tailings also have enormous development potential. Our technical department estimates that about 98,900 tonnes of metal tin and 50,600 tonnes of copper have yet to be separated out from the 22 million tonnes of tailings. Guided by the principle of sustainable development, the Company will carry out secondary recovery of the tailings using improved screening and washing technologies. It is expected that it will bring an additional 5,000 tonnes of tin and 2,000 tonnes of copper to the Company. The expected utility duration of Rentails is 10 years. Renison is the largest tin mining project of the Company at the moment. It is operated in cooperation with Yunnan Tin Group which also holds interests in the project. L’sea Resources hopes to cooperate fully with Yunnan Tin Group to bolster project management, lower operating costs and increase profits, in order to make Renison the leading project of the Company.