Resource Wrap: 13 November 2009 – TOE, BLY, GXY, KGL, CNH, CXM
November 12, 2009
Toro Energy Limited (TOE) said it had acquired two exploration licenses from Liberty Resources Limited (LBY). The uranium project is in the Wiluna region of Western Australia, with the payment to be made via the placement of 5 million Toro shares valued at 20c each, valuing the exploration licenses at $1 million.
Galaxy Resources Limited (GXY) announced that it has received Environmental Approval by the Jiangsu Province Environmental Bureau for its Jiangsu Lithium Carbonate Plant. The emerging lithium producer said the progress with project approvals for the plant means that the company is on track to achieve first production of lithium carbonate in Q4 2010. Galaxy said Safety and the Energy applications are now being assessed.
Kentor Gold Limited (KGL) said it has moved a step closer to developing the Andash Gold-Copper Project after the shareholders of Aurum Mining plc approved the sale of the project at a General Meeting yesterday. Kentor said approval clears the way for Kentor to complete the US$15 million acquisition of Aurum’s 80% interest in the project on 22 December 2009. The acquisition cost includes the purchase of a construction and mining fleet that has already been assembled and transported to the Kyrgyz Republic. The company said it could now proceed to the financing and development of this company making project that would move Kentor to the status of mid-tier gold producer within two years.
China Steel Australia Limited (CNH) reported an unaudited $810,000 loss for the September quarter. The company said a major factor in the result was the conversion of its nickel pig iron plant near the city of Linyi in China’s Shandong Province to produce merchant pig iron MPI, with production at the converted plant only starting in August following delays. China Steel secured three MPI supply contracts with a Chinese steelmaker during the quarter.
Centrex Metals Limited (CXM) announced the signing of a five-year Hematite Ore Sales Agreement plus one-year extension option with Shenyang Orient Iron & Steel (Group) Co., Ltd covering the sale of 1 million tonnes per annum of Wilgerup hematite product. Centrex said 100% of Wilgerup annual production is now covered by long-term sales agreements. The company said the agreement finalises the hematite supply details that were the basis for Shenyang’s initial investment in Centrex in September 2006.
Galaxy Resources Limited (GXY) announced that it has received Environmental Approval by the Jiangsu Province Environmental Bureau for its Jiangsu Lithium Carbonate Plant. The emerging lithium producer said the progress with project approvals for the plant means that the company is on track to achieve first production of lithium carbonate in Q4 2010. Galaxy said Safety and the Energy applications are now being assessed.
Kentor Gold Limited (KGL) said it has moved a step closer to developing the Andash Gold-Copper Project after the shareholders of Aurum Mining plc approved the sale of the project at a General Meeting yesterday. Kentor said approval clears the way for Kentor to complete the US$15 million acquisition of Aurum’s 80% interest in the project on 22 December 2009. The acquisition cost includes the purchase of a construction and mining fleet that has already been assembled and transported to the Kyrgyz Republic. The company said it could now proceed to the financing and development of this company making project that would move Kentor to the status of mid-tier gold producer within two years.
China Steel Australia Limited (CNH) reported an unaudited $810,000 loss for the September quarter. The company said a major factor in the result was the conversion of its nickel pig iron plant near the city of Linyi in China’s Shandong Province to produce merchant pig iron MPI, with production at the converted plant only starting in August following delays. China Steel secured three MPI supply contracts with a Chinese steelmaker during the quarter.
Centrex Metals Limited (CXM) announced the signing of a five-year Hematite Ore Sales Agreement plus one-year extension option with Shenyang Orient Iron & Steel (Group) Co., Ltd covering the sale of 1 million tonnes per annum of Wilgerup hematite product. Centrex said 100% of Wilgerup annual production is now covered by long-term sales agreements. The company said the agreement finalises the hematite supply details that were the basis for Shenyang’s initial investment in Centrex in September 2006.
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