Resource Wrap: 21 December 2009 – AWC, SBL
December 21, 2009
Alumina Limited (AWC) said its equity contribution to an aluminium project in Saudi Arabia would be US$120 million. The company’s joint venture partner Alcoa Inc had earlier in the day announced its partnership with Saudi Arabian mining company, Ma’aden, to develop the project. Alumina said Alcoa World Alumina & Chemicals would be the initial supplier of alumina to the project’s smelter which would be developed in the first phase of the project and come on line in 2013. The company added that the bauxite mine and alumina refinery would be developed in the second phase, with first production expected in late 2014. Alumina said it would contribute progressively between 2010 and 2014.
Signature Metals Limited (SBL) announced that it has exercised its option to acquire 70% of the Konongo Gold Project in the Ashanti Gold Belt of Ghana from Mwana Africa PLC. The company said the decision to acquire the project follows receipt of final approvals from the Minister of Lands, Forestry and Mines in Ghana as well as from the Ghanaian Minerals Commission. Signature Metals said it would issue 50 million shares to Mwana Africa subsidiary Alpina Group Limited to settle the transaction. The company said it would make a further payment of 50 million shares or $1 million cash would be made once the project achieves 1 million ounces in Measured and Indicated JORC resources. A final payment of $3 million in cash or shares is to be made following the production of 100,000 ounces of gold from the project
Signature Metals Limited (SBL) announced that it has exercised its option to acquire 70% of the Konongo Gold Project in the Ashanti Gold Belt of Ghana from Mwana Africa PLC. The company said the decision to acquire the project follows receipt of final approvals from the Minister of Lands, Forestry and Mines in Ghana as well as from the Ghanaian Minerals Commission. Signature Metals said it would issue 50 million shares to Mwana Africa subsidiary Alpina Group Limited to settle the transaction. The company said it would make a further payment of 50 million shares or $1 million cash would be made once the project achieves 1 million ounces in Measured and Indicated JORC resources. A final payment of $3 million in cash or shares is to be made following the production of 100,000 ounces of gold from the project
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