Resource Wrap: 08 December 2009 – MBN, HGO, PAX, STO, WSA, UMC
December 7, 2009
Mirabela Nickel Limited (MBN), whose shares have dropped by 27% in the last couple of months, rallied up to 3.7% after announcing that it had commissioned its Santa Rita nickel mine in Brazil. The operation is on track to reach its interim target of 4.6 million tonnes of ore per annum, on an annualised basis, during the second quarter of 2010 the company said in an announcement to the market.
Hillgrove Resources Limited (HGO) said the Governor of East Nusa Tengarra Province, Indonesia, has approved the grant of an Exploration Mining Business License (“IUP”) to its Indonesian partner, PT Fathi Resources. The company said the IUP has been granted for a term of six years and permits the exploration for metals, gold and other associated minerals in an area of 999 kilometres squared on the island of Sumba. Hillgrove said the IUP encompasses highly prospective ground which has been shown to contain identified zones of gold and base metal mineralisation and provides the permission required to commence drill testing in early 2010.
Panax Geothermal Limited (PAX) announced the signing of a Memorandum of Understanding (“MOU”) with Santos Limited (STO) relating to investigations into the development and generation of electricity from a geothermal exploration licence GEL in the Moomba region of South Australia. Panax said it is planning to carry out geothermal exploration activities on its 100% owned GEL 281 licence area with a view to delineating geothermal reserves for the generation of saleable electricity. The company added that Santos might consider purchasing competitively priced renewable energy for in-field electrical generation requirements for its operations in the Moomba region.
Western Areas NL (WSA) said it has signed an additional contract to sell 2,000 tonnes per annum of nickel in concentrate from ore blended from Kagara Ltd’s Lounge Lizard deposit with BHP Billiton Nickel West Pty Ltd. Western Areas said it would supply a maximum of 15,000 tonnes of nickel in concentrate under the new contract. The company had previously announced an agreement with Kagara Ltd to mine the Lounge Lizard deposit, process the ore through the Cosmic Boy plant and sell the concentrate into one of Western Areas’ offtake contracts. Western Areas said the contract would increase the total amount of nickel sold to BHP Billiton from 10,000 tpa to 12,000 tpa nickel and is expected to commence on completion of the two year contract to sell 25,000 tonnes nickel to Jinchuan.
United Minerals Corporation NL (UMC) said they had cancelled a one-for-ten rights issue aimed at securing a key Chinese investor. The cancellation of the rights issue was a key condition for BHP Billiton’s proposed $204 million takeover of the junior miner. BHP said they proposed to acquire all of UMC’s shares at $1.30 per share.
Hillgrove Resources Limited (HGO) said the Governor of East Nusa Tengarra Province, Indonesia, has approved the grant of an Exploration Mining Business License (“IUP”) to its Indonesian partner, PT Fathi Resources. The company said the IUP has been granted for a term of six years and permits the exploration for metals, gold and other associated minerals in an area of 999 kilometres squared on the island of Sumba. Hillgrove said the IUP encompasses highly prospective ground which has been shown to contain identified zones of gold and base metal mineralisation and provides the permission required to commence drill testing in early 2010.
Panax Geothermal Limited (PAX) announced the signing of a Memorandum of Understanding (“MOU”) with Santos Limited (STO) relating to investigations into the development and generation of electricity from a geothermal exploration licence GEL in the Moomba region of South Australia. Panax said it is planning to carry out geothermal exploration activities on its 100% owned GEL 281 licence area with a view to delineating geothermal reserves for the generation of saleable electricity. The company added that Santos might consider purchasing competitively priced renewable energy for in-field electrical generation requirements for its operations in the Moomba region.
Western Areas NL (WSA) said it has signed an additional contract to sell 2,000 tonnes per annum of nickel in concentrate from ore blended from Kagara Ltd’s Lounge Lizard deposit with BHP Billiton Nickel West Pty Ltd. Western Areas said it would supply a maximum of 15,000 tonnes of nickel in concentrate under the new contract. The company had previously announced an agreement with Kagara Ltd to mine the Lounge Lizard deposit, process the ore through the Cosmic Boy plant and sell the concentrate into one of Western Areas’ offtake contracts. Western Areas said the contract would increase the total amount of nickel sold to BHP Billiton from 10,000 tpa to 12,000 tpa nickel and is expected to commence on completion of the two year contract to sell 25,000 tonnes nickel to Jinchuan.
United Minerals Corporation NL (UMC) said they had cancelled a one-for-ten rights issue aimed at securing a key Chinese investor. The cancellation of the rights issue was a key condition for BHP Billiton’s proposed $204 million takeover of the junior miner. BHP said they proposed to acquire all of UMC’s shares at $1.30 per share.
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