Resource Wrap: 28 June 2010 – LNG, HGO, IRD, GLL, IOH, RIO, WHC
June 28, 2010
Liquefied Natural Gas Limited (LNG) said the Queensland Government’s Department of Environment and Resource Management, has provided approval for the Stage 1 shipping channel dredging associated with the Gladstone LNG Project in Queensland. The company said the scope of the dredging includes widening the Targinie Channel and widening and deepening the Fisherman’s Landing Wharf No. 5 berth pocket and turning basin, to accommodate LNG vessels up to 152,000 cubic metres in capacity. LNG said the approval includes relocation of the dredged material to a previously approved onshore site.
Hillgrove Resources Limited (HGO) announced the resignation of David Archer as managing director, effective 30 June 2010, after seven and a half years in the role. The company said it has appointed Highlands Pacific Limited mining engineer, financier and a non-executive director, Drew Simonsen as interim CEO while it seeks a replacement managing director. Hillgrove said it is in a very sound financial position with more than $100 million in cash and exciting new exploration projects in Indonesia.
Iron Road Limited (IRD) requested its shares be placed in trading halt pending an announcement in relation to a resource upgrade. The company said the trading halt would remain in place until the release of an announcement, which is expected to be made no later than market open this Wednesday.
Galilee Energy Limited (GLL) said it expects to report a profit after tax in the range of $1.6 to $1.8 million for FY10, compared with a loss of about $2.45 million the previous year. The company said while the exploration programme in Galilee’s coal seam gas tenement ATP 799P incurred significant expenditure, the sale of the Broughton coal asset and positive results from the New Zealand coal operations resulted in an overall profit. The result would also be the first profit recorded for the consolidated entity. Galilee said it completed the sale of its interest in the Broughton tenement for $8.5 million in May, while in New Zealand its coal operations are expected to post a profit before tax in the range of $2 - $2.5 million compared with a profit of about $1.27 million the previous year.
Iron Ore Holdings Limited (IOH) and Rio Tinto Limited (RIO) have not agreed to terms of access in regards to an Iron Ore Sales Agreement for production from the Phil's Creek Project. IOH said if the parties are unable to agree the terms of access by 8 August 2010 then the agreement would automatically terminate. As a result this would also see the termination of a Relationship Agreement relating to IOH's Iron Valley deposit. Rio has advised that it does not believe IOH has complied with its obligations under the Ore Sales Agreement. IOH said it does not agree with Rio.
Whitehaven Coal Limited (WHC) said coal production has commenced at its Narrabri Mine in New South Wales. The company said initial production using continuous miners would be between 500,000 million tonnes per annum (Mtpa) and 700,000 Mtpa. Whitehaven said full production is expected to produce approximately 6 Mtpa of low ash, high energy, low sulphur thermal and PCI coal for the export market. The company said while ground conditions have caused some delay and increased cost in relation to construction of the drifts for seam access, the remainder of the project has been developed on time and on budget.
Hillgrove Resources Limited (HGO) announced the resignation of David Archer as managing director, effective 30 June 2010, after seven and a half years in the role. The company said it has appointed Highlands Pacific Limited mining engineer, financier and a non-executive director, Drew Simonsen as interim CEO while it seeks a replacement managing director. Hillgrove said it is in a very sound financial position with more than $100 million in cash and exciting new exploration projects in Indonesia.
Iron Road Limited (IRD) requested its shares be placed in trading halt pending an announcement in relation to a resource upgrade. The company said the trading halt would remain in place until the release of an announcement, which is expected to be made no later than market open this Wednesday.
Galilee Energy Limited (GLL) said it expects to report a profit after tax in the range of $1.6 to $1.8 million for FY10, compared with a loss of about $2.45 million the previous year. The company said while the exploration programme in Galilee’s coal seam gas tenement ATP 799P incurred significant expenditure, the sale of the Broughton coal asset and positive results from the New Zealand coal operations resulted in an overall profit. The result would also be the first profit recorded for the consolidated entity. Galilee said it completed the sale of its interest in the Broughton tenement for $8.5 million in May, while in New Zealand its coal operations are expected to post a profit before tax in the range of $2 - $2.5 million compared with a profit of about $1.27 million the previous year.
Iron Ore Holdings Limited (IOH) and Rio Tinto Limited (RIO) have not agreed to terms of access in regards to an Iron Ore Sales Agreement for production from the Phil's Creek Project. IOH said if the parties are unable to agree the terms of access by 8 August 2010 then the agreement would automatically terminate. As a result this would also see the termination of a Relationship Agreement relating to IOH's Iron Valley deposit. Rio has advised that it does not believe IOH has complied with its obligations under the Ore Sales Agreement. IOH said it does not agree with Rio.
Whitehaven Coal Limited (WHC) said coal production has commenced at its Narrabri Mine in New South Wales. The company said initial production using continuous miners would be between 500,000 million tonnes per annum (Mtpa) and 700,000 Mtpa. Whitehaven said full production is expected to produce approximately 6 Mtpa of low ash, high energy, low sulphur thermal and PCI coal for the export market. The company said while ground conditions have caused some delay and increased cost in relation to construction of the drifts for seam access, the remainder of the project has been developed on time and on budget.
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