Resource Wrap: 18 March 2010 – OZL, MCC, MLX, MMX
March 18, 2010
OZ Minerals Limited (OZL) announced an initial JORC compliant Inferred Mineral Resource at the Okvau project in Cambodia of 8.1 million tonnes at 2.3g/t gold for 605,000 ounces of contained gold. The company said the tenor and size of the initial Okvau Resource has provided OZ Minerals sufficient encouragement to continue exploration in the Okvau district. OZ Minerals said the next phase of exploration in Cambodia would aim to give the company a clear indication of the potential for more than 2 million ounces of gold in the Okvau district. The company said based on the delineated drill targets described it remains confident of discovering further Okvau-style mineralisation and adding to the current resource inventory.
Macarthur Coal Limited (MCC) said it has commenced settlements with customers for the purchase of the company’s low volatile PCI coal for the Japanese fiscal year ending 31 March 2011. The company said the settlements have resulted in shorter term pricing structures including quarterly and six monthly pricing and are in line with market settlements.
Metals X Limited (MLX) announced it had completed the sale of 50% of its Tasmanian assets for $50 million and the formation of a 50/50 joint venture between its subsidiary Bluestone Mines Tasmania Pty Ltd and YT Parksong Australia Holding Pty Ltd. Metals X said the JV would operate as Bluestone Mines Tasmania Joint Venture Pty Ltd. Meanwhile, the company said its Renison operations have continued to consolidate and strengthen its production for the months of January and February, operating at an annualised production rate of 8,000 tonnes of tin metal in concentrates. Metals X said production for the two months was 1,300 tonnes of metal in concentrate (December quarter 1,426 tonnes) resulting in unaudited EBITDA of $8.84 million and a net cash flow of $6.85 million.
Murchison Metals Limited (MMX) announced that the Oakajee Port & Rail (“OPR”) is now targeting initial capacity of 45 million tonnes per annum at the new Oakajee Port. OPR also announced Karara Mining (Gindalbie Metals – Ansteel joint venture), Crosslands Resources Ltd and Sinosteel Midwest Corporation as the potential foundation customers for the port and rail infrastructure projects. Murchison and Mitsubishi Development Pty Ltd each own 50% of OPR and Crosslands. Murchison said there is potential for further expansion of Oakajee beyond 45mtpa to meet additional demand from foundation and expansion customers.
Macarthur Coal Limited (MCC) said it has commenced settlements with customers for the purchase of the company’s low volatile PCI coal for the Japanese fiscal year ending 31 March 2011. The company said the settlements have resulted in shorter term pricing structures including quarterly and six monthly pricing and are in line with market settlements.
Metals X Limited (MLX) announced it had completed the sale of 50% of its Tasmanian assets for $50 million and the formation of a 50/50 joint venture between its subsidiary Bluestone Mines Tasmania Pty Ltd and YT Parksong Australia Holding Pty Ltd. Metals X said the JV would operate as Bluestone Mines Tasmania Joint Venture Pty Ltd. Meanwhile, the company said its Renison operations have continued to consolidate and strengthen its production for the months of January and February, operating at an annualised production rate of 8,000 tonnes of tin metal in concentrates. Metals X said production for the two months was 1,300 tonnes of metal in concentrate (December quarter 1,426 tonnes) resulting in unaudited EBITDA of $8.84 million and a net cash flow of $6.85 million.
Murchison Metals Limited (MMX) announced that the Oakajee Port & Rail (“OPR”) is now targeting initial capacity of 45 million tonnes per annum at the new Oakajee Port. OPR also announced Karara Mining (Gindalbie Metals – Ansteel joint venture), Crosslands Resources Ltd and Sinosteel Midwest Corporation as the potential foundation customers for the port and rail infrastructure projects. Murchison and Mitsubishi Development Pty Ltd each own 50% of OPR and Crosslands. Murchison said there is potential for further expansion of Oakajee beyond 45mtpa to meet additional demand from foundation and expansion customers.
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