Following an assessment by Lloyds Underwriters, Mustang has received payment of A$423,650 in full and final settlement of the claim.
Since the incident, Mustang has upgraded its security measures and general controls on site.
Mustang Directors would like to express appreciation to the members of its on-site team at Montepuez for the efforts made to plan and implement the revised security measures and for their commitment to the project.
About New Energy Minerals Ltd
New Energy Minerals Ltd is an ASX listed company focused on the mining and exploration of Vanadium and Graphite – two commodities critical for the 'New Energy Market'.
The Company is currently fast tracking its world-class Caula Vanadium-Graphite project in Northern Mozambique, located along strike from the Syrah Resources Ltd (ASX:SYR) Balama Project, with first cash flows targeted for H2 of 2019 from trial mining operations. New Energy Minerals' Caula project hosts a JORC (Measured) vanadium-graphite resource of 22 Mt @ 0.37% V2O5 (0.2% cut-off) and 13.4% TGC (8% cut-off) for 81,600 tonnes of vanadium pentoxide (180 million pounds) and 2.93 Mt of contained graphite.
New Energy minerals has a highly experienced Board of Directors, management, finance, exploration and geological team, with a 15-year track record of investment and successful project development in Mozambique and the Africa region. The Company aims to become a major provider of vanadium and graphite, both key components used in battery production.
ContactMedia & Investor Relations:
Link: Insurance Claim Settled
New Energy Minerals Ltd (ASX:NXE) Quarterly Activities Report for the Period Ending 30 September 2018
New Energy Minerals Limited (ASX:NXE) Caula Vanadium-Graphite Project Scoping Study Shows Exceptional Economics