Emmerson PLC (EML.LSE; "Emmerson") is owner and developer of the Khemisset potash project located in Morocco. The project contains a large, relatively shallow JORC compliant mineral resource estimate of 311Mt @ 10.2% K2O. Khemisset has strong competitive advantages relative to other proposed potash developments including being in close proximity to a proposed bulk commodity port and projected low Capex and high operating margins. Emmerson is targeting a +20 year mine life producing a standard muriate of potash (MOP) product for domestic and international markets. Starboard first invested in Khemisset in September 2013 through the subsidiary Moroccan Salts Limited ("MSL"). MSL entered into an MOU with Emmerson in October 2017 for the acquisition of Khemisset via reverse takeover (“RTO”). Starboard managed the RTO process and re-listed on the LSE in June 2018 after raising £6m.
American Pacific Borate & Lithium Ltd (ABR.ASX; "APBL") is owner and developer of the Fort Cady borate and lithium project located in the southern Mojave Desert in California, USA. The project contain a large JORC compliant mineral resource estimate of 120Mt @ 6.5% B2O3 (11.6% H3BO3 boric acid equivalent) and 367ppm Li. The company is targeting a low Capex, high margin mining operation at Fort Cady producing boric acid, sulphate of potash (“SOP”) and lithium carbonate for domestic and international markets. End markets being targeted include the agriculture sector and the specialty glass, ceramics and fiberglass manufacturing sectors as all have the need for high purity borate products. The December 2017 Scoping Study released by APBL outlined production of 246ktpa boric acid and 54ktpa SOP for total Capex of US$230m. Indicative financial metrics indicate EBITDA in full production of >US$150m with a post-tax, an unlevered IRR of 41% and NPV10 of US$747m. Starboard first invested in the Fort Cady Project in August 2016 and subsequently managed the IPO of APBL which listed on the ASX in July 2017 after raising A$15m.
Galicia Tin & Tungsten (“GTT”) is a Spanish registered company who is the owner and developer of the Santa Comba tungsten (W) and tin (Sn) project located in Galicia, northwest Spain. GTT was formed in June 2014 by Starboard, seed investors and local joint venture partners. Santa Comba is an historic tungsten-tin mine that was discovered in 1940 and last in commercial-scale production from 1982 to 1985, primarily as an underground mine (Mina Carmen). GTT has defined an initial JORC compliant resource amenable to open pit mining of 5.1Mt @ 0.203% WO3 & 0.014% Sn with a large amount of prospective open pit areas yet to be drilled. The Company has also defined a JORC resource amenable to underground mining at Mina Carmen of 234kt @ 0.85% WO3 & 0.28% Sn (historic non-JORC resource of 808kt @ 0.78% WO3 & 0.18% Sn). Open pit and underground mining operations are fully permitted for production. In October 2016, GTT completed a Scoping Study targeting a combined open pit and underground mining operation at Santa Comba. Indicative financial metrics indicate a low Capex, high margin mining operation can be developed at Santa Comba. The company is now in the process of arranging funding for feasibility studies and construction with the view of being in production within 12 months of funds injection.
Corcel Minerals SL (“Corcel”) is a Spanish registered company who is the owner of the Corcel nickel-cobalt-copper project (Ni-Co-Cu) located in Galicia, northwest Spain. The company was formed in December 2017 by Starboard and local joint venture partners. The project contains a large area of disseminated Ni-Co-Cu sulphides identified during regional exploration in the 1980's. Corcel intends to evaluate the potential for open pit and underground mining operations in the project area. Preliminary studies indicate the project is prospective for both selective mining and bulk mining scenarios. The Company intends on advancing the Corcel project and build a portfolio of Ni-Co-Cu projects with the view of becoming a significant European-based Company focused on the supply of raw materials critical to the expanding electric vehicle (EV) market.
Nova Era Minerals SL ("NEM") is a private Spanish registered company focused on building a portfolio of pegmatite-hosted lithium (Li), tantalum (Ta) and tin (Sn) projects in Spain. The demand outlook for “new age” minerals is high and Spain has an abundance of geology that is favourable for economic accumulations of these minerals. Starboard is the primary investor in NEM.
Cobalt Recursos SL is a private Spanish registered company focused on building a portfolio of cobalt projects in Spain. The demand outlook for cobalt is high, primarily due to growing demand for intermediate cobalt products used in the expanding electric vehicle battery market. The Iberian Peninsula has an abundance of rocks prospective for hosting economic accumulations of primary and secondary cobalt minerals. Starboard is the primary investor in Cobalt Recursos.
Starboard periodically undertakes fundraising at the corporate level to expand its war chest and capabilities required to acquire projects that meet its investment criteria. The Company also manages seed and IPO fundraising processes for its subsidiaries that are used to advance individual projects towards development and increase shareholder value. Parties interested in investing in Starboard Global or its subsidiaries are welcome to get in contact with us.