ACTIVITIES REPORT FOR THE QUARTER ENDED 31 MARCH 2011
HIGHLIGHTS
Murchison
- Cash, liquid investments and undrawn loan facilities of $116 million at quarter end
- US$100 million finance facility executed with Resource Capital Funds
- Net profit of $3.3 million reported for six months ended 31 December 2010
- Extension of time under Oakajee State Development Agreement finalised and executed
- Debt funding presentations made to key Export Credit Agencies in Japan, South Korea and China
Crosslands Resources Ltd (Murchison 50% Interest)
- 299,778 tonnes shipped in rain-affected quarter
- Jack Hills Expansion Project Bankable Feasibility Study tracking to schedule
- Preferred flowsheet design selected incorporating two module concentrator configuration
- Foundation production case confirmed at +20mtpa concentrates (in addition to DSO)
- Scope for expansion to +30mtpa concentrates (plus DSO) via addition of a third cncentrate production module
- Final plant site layout determined, including revised rail loop location and preferred design concept for the Integrated Waste Landform
- Favourable assessment for the JHEP under Commonwealth Environment Protection and Biodiversity Conservation Act – no further federal assessment required
- Drilling confirms additional Massive Iron Mineralisation/DSO targets at Brindal satellite deposit
OakajeePortand Rail (Murchison 50% Interest)
- Deadline for completion of Implementation Agreements with the WA Government extended to 31 December 2011
- Environmental Protection Authority recommends approval of Oakajee terrestrial port and rail development projects
- Oakajee Bankable Feasibility Study tracking to schedule
- Negotiations with Foundation Customers regarding Supply Chain Agreements continued
- Comprehensive cost and schedule optimisation review commenced for the port and rail infrastructure
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