Like the mining industry in Australia, Perilya Limited shares a rich and proud history of determination, persistence and adaptability. Its past is etched with character-building challenges, stunning successes and most importantly, the wisdom to seize opportunities to refocus and launch forwards in this new and exciting era of Australia’s resource development.
Perilya was established in 1987. Through a diligent approach to identifying undervalued assets, it has assembled a diverse portfolio of quality base metal operations and exploration projects.
The foundation for the company’s rapid growth came with the purchase of the Fortnum gold mine in Western Australia in 1994.
When acquired, Fortnum had ore reserves of 55,000 ounces. Over the next six years, Perilya produced 540,000 ounces of gold from the mine. This operational success generated an operating surplus of more than $70 million up to mine closure in August 2001.
In anticipation of the closure of the Fortnum Gold Mine, Perilya embarked on an aggressive evaluation and acquisition program. Broken Hill was identified as an operation that could provide Perilya with significant and sustainable cash flows with which to further grow the company.
In May 2002 the company successfully acquired the Broken Hill mine, one of the largest and most renowned zinc, lead and silver mines in the world.
The Broken Hill mine has produced over 200 million tonnes of ore in its 127 years of mining history, dating back to 1885. The purchase of Broken Hill, from Pasminco Limited, gave Perilya a unique opportunity to further its success and achieve its objective of growing into a major mining company.
In January 2005, Perilya acquired the Daisy Milano gold mine, southeast of Kalgoorlie. Despite a successful first year of operationg under Perilya, extraction at Daisy Milano was suspended in March 2007 and the gold mine was put into care and maintenance while the divestment of Perilya's gold assets was finalised and the company refocused its strategy on base metals.
In August 2007, the gold assets comprising the Daisy Milano mine, and the Mount Monger, Moyagee and Honeymoon Well exploration projects were sold.
Mining operations commenced at Beltana zinc mine in March 2007, ahead of schedule and under budget. Mining and crushing operations at Beltana (which is part of the Flinders Project) have now been completed with high grade zinc ore shipped to smelters in Asia.
Due to the challenging global economic environment at the time, the Company's operations at the Broken Hill mine went through a resizing in 2008, which has resulted in significant improvement in productivity , profitability and cash flows resulting in an extension to the life of the mine to approximately 10 years.
In February 2009, Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd China's third largest zinc producer, acquired a 50.1% interest in Perilya.
In January 2011, Perilya successfully acquired 100% of the TSX - listed GlobeStar Mining Corporation. This acquisition gave Perilya immediate access to the low cost Cerro de Maimón copper, gold and silver mine in the Dominican Republic. Perilya has since significantly increased the mine life to in excess of 10 years.
In addition to its mining operations, the Company has an active exploration and development program which includes exploration and development programmes in the Broken Hill region NSW Australia and in the Flinders region of South Australia in the vicinity of its Beltana zinc silicate project. The Company also has extensive exploration programs underway on its Dominican Republic mining and exploration concessions that include a laterite nickel project and highly prospective copper, gold & silver targets near its Cerro de Maimón mine.
The Company is reviewing options for the development of the Mount Oxide Copper Project in the Mount Isa region in Queensland. In addition, the Company has a 60% interest in the Moblan lithium project located in Quebec, Canada, which is currently undergoing a development study (the remaining 40% is held by SOQUEM, which is an investment company owned by the Quebec Government in Canada.
Perilya is now owned 53.3% by Shenzhen Zhongjin Lingnan Nonfemet C Ltd.