Quarterly report to 31 December 2009
January 29 2010 - 9:16AM
UK Regulatory
TIDMRMLA
RNS Number : 3765G
Rusina Mining NL
29 January 2010
FOR IMMEDIATE RELEASE
29 January 2010
Rusina Mining NL
("Rusina" or the "Company")
QUARTERLY REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2009
The Company announces that is has released its Quarterly Report to the
ASX today. A copy of the document is available from the Company's
website - www.rusina.com.au and as a link to this announcement.
http://www.rns-pdf.londonstockexchange.com/rns/3765G_-2010-1-29.pdf
http://www.rns-pdf.londonstockexchange.com/rns/3765G_1-2010-1-29.pdf
HIGHLIGHTS DURING THE QUARTER
* Heap Leach Trial Site officially opened
* Crushing of all ore completed
* Second tranche of placement to UK institutions approved and completed
* DSO shipments to re-commence
RUSINA CORPORATE
In late October a general meeting of shareholders approved the second
tranche of the placement undertaken by the Company in mid September. A
total of 21,000,000 new shares were approved to be issued at a
placement price of 5.25 pence. This was in addition to 37,760,800
shares issued under the Company's 15% placing limit during September.
In November the Company held its Annual General Meeting at which all resolutions
were passed on a show of hands.
At the end of the quarter the Company's cash on hand was $4.95m. In
addition, receivables owed by our joint venture partner on the Acoje
nickel heap leach project totaled US$0.8 m.
A total of 8,600,000 unquoted options expired unexercised during the quarter.
There were 2,888,040 new unquoted options issued with an exercise price of 11
cents and a term of 2 years.
The total number of ordinary shares on issue as of the end of the 2009 calendar
year was 302,963,515.
ACOJE HEAP LEACH TRIAL AND TEST CENTRE
The Acoje nickel heap leach trial pad and pilot plant was officially
opened on 9 December by Australian Ambassador to the Philippines, Rod
Smith.
This is the first pilot plant in the Philippines to trial heap leaching
technology on nickel laterites.
The trial heap will be constructed at the same height as the full
commercial operation and is designed to prove the heap percolation and
leach rates on a full scale basis as well as demonstrating the rain
control methodology. In addition the trial facility will showcase the
clean, safe and environmentally friendly nature of the process to the
government and local stakeholders.
The crusher was commissioned and the 3,000 tonnes of nickel laterite
ore, a mixture of limonite and saprolite, was completed within the
required specifications of 95%<50mm on the first pass.
All electrical work on the agglomerator, binder plant and associated
monitoring equipment has been completed and the agglomerator and
associated conveyers are now fully commissioned. All water and
reticulation equipment required for agglomeration and stacking is in
place and will commence pressure testing during late January.
The downstream processing plant concrete pad has been completed with
shed erection due to commence shortly. The Resin in Pulp, Ion Exchange
and Centrifuge installation is scheduled to commence in late February.
Leaching will commence once the pad has been stacked and irrigation
pipes placed over the heap. An HDPE raincoat will cover both the pad
and the ponds.
DIRECT SHIPPING ORE (DSO) AGREEMENT
DMCI Mining ('DMCI') has notified the Company that it is intending to
resume operations at Acoje in the first quarter of 2010. DMCI have
received buyer interest for higher grade nickel laterite ore and will
seek to undertake selective shipments from the Santa Cruz purpose built
loading facility.
Subsequent to quarters end the Company modified the existing DSO agreement with
DMCI to enable the mining to recommence. In accordance with the terms of the
modified arrangement, DMCI shall continue to be responsible for all mining,
marketing, transport and capital costs of up to 200,000 tonnes high grade ore
(>2%Ni) at a fixed operating cost whist providing a 50% share of profits to
Rusina on a shipment by shipment basis. There is an agreed minimum profit before
a shipment can take place.
In addition, the modified arrangement includes a substantially reduced
fixed incremental cost1 for lower grade ores, again on a minimum agreed
profit on a ship by ship basis. This modified arrangement greatly
reduces the risks to both DMCI and Rusina in the volatile DSO market
whilst taking advantage of favourable marketing conditions as they
arise.
Contacts:Mark Hanlon Rusina Mining Tel: +61 8 9226
1111
Roland CornishBeaumont Cornish Tel: +44 (0)
207 628 3396
For further information please visit our website - www.rusina.com.au
1Incremental cost - where the low grade mining costs are covered by
the high grade removal and therefore only trucking and shipping costs
are charged to the low grade.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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