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Can You Spell Commodity?
While commodities swoon, Jim Rogers, who called the raw materials rise years ago, is upping his bets. Economist Stephen Roach thinks that's nuts.
By Bernard Condon | Oct 30, 2006 |
While the Dow Jones booms, commodities like oil and gas swoon. Jim Rogers, the man who called the raw materials rise years ago, is upping his bets. Economist Stephen Roach thinks that's nuts.
In three months crude oil has fallen 20% to $60 a barrel.
A price drop in natural gas severely wounded hedge fund Amaranth Advisors. Gold and sugar are in bear markets. In August the Goldman Sachs Commodities Index fell, breaking four years of month-on-month increases.
To Jim Rogers, the man who called the commodity boom seven years ago, those are mere blips. This is a great time to invest in commodities, and he's backed this up by investing more of his own money. Supply of things like base metals, oil and rubber is crimped after years of underinvestment in mines and oilfields and farms, he says, so prices are heading up. And they will go up, with some transitory hiccups, well into the next decade and perhaps even the one following. Copper, zinc and oil have all at least doubled in the past three years. You'll see more doublings in many more commodities.
That's the Rogers view. And then there's economist Stephen Roach, the Morgan Stanley bear every bull loves to gore. He thinks Rogers is dead wrong. Roach says commodity prices could fall another third from here, putting an end to silly notions of a so-called supercycle of commodity increases. The culprits: slowing growth in China, a voracious buyer of commodities, and a U.S. housing recession that, he says, will slash demand for building materials like copper and weigh down the global economy.
If you've been distracted by whether the Dow Jones stock index will stay in record-setting territory, there's a less-noticed but raging debate about the future of commodities. This, by the way, is a debate that can get personal. Rogers says Roach "couldn't even spell 'commodities' two years ago." Roach wearily responds that, yes, he used to write "commodities" with one "m" before Rogers kindly set him straight. The sparring recalls a famous exchange a quarter-century ago, during another price runup, when the ever-optimistic economist Julian Simon bet doom-and-gloom environmentalist Paul Ehrlich $10,000 that metals would fall over the next decade, ending 1990. Simon won. He wasn't a pessimist in the manner of Roach. His theory was that technology would eventually find a solution to any raw material shortage. We ran out of whale oil but found petroleum. Copper is expensive, but optical fiber is replacing a lot of it.
If the issue of resource scarcity is similar, the wagers today are a bit bigger. Hedge funds have put $70 billion into energy, double the level of two years ago, says the Energy Hedge Fund Center. Investment banks have beefed up their trading desks with commodities experts. Merrill Lynch paid $800 million for an energy trading unit after unloading a similar business a few years earlier. Bond investors are watching closely, too. Increased commodity prices usually mean inflation is right around the corner.
The peripatetic Rogers, 63, who once set a Guinness World Record by riding his motorcycle around the world, brings a lot of credibility to the bull case. A founder with George Soros of the legendary Quantum Fund, he started a commodities index in 1998 when investors were caught up in the dot-com frenzy. The Rogers International Commodities Index has since returned 16.9% annually versus 13.9% and 11.8% for rivals from Goldman Sachs and Dow Jones-AIG, respectively. This year the gap has widened. Rogers' is up 7% through August. Goldman's is down 0.4%, and Dow Jones-AIG's up 3%.
Rogers, author of Hot Commodities, says his optimism comes right out of the history books. The shortest commodity boom, which began in 1966, was 15 years, he says. The longest: 23 years. The current one: 7 years (forget the slump we're in now). The long trend reflects this fact: Lots of commodities can't be produced quickly. By the time miners or drillers or farmers realize that demand has outstripped supply, it's too late. New sources need to be found underground and regulators need to sign off before a shovel can even hit the ground. Food inventories are the lowest since 1972, he notes. Acreage devoted to wheat, for instance, has been falling for three decades. Cotton could also take off, he says, as clothesmakers switch to natural fabrics to avoid the rising cost of oil used in synthetics. Rogers says "soft" commodities like grains, oilseeds and fabrics, which have generally not shared in the boom, are likely to outperform. Rogers is relatively bearish on zinc and copper, however; they could drop like an anvil after having more than doubled in a year.
Then there's China. Sure, the country's economic growth could slow, but over the long term Rogers is an unabashed bull. So much so that he's taught his 3-year-old daughter Mandarin and, in preparation for moving to a "Chinese-speaking" city with her, has put his Manhattan manse up for sale for $15 million.
Roach's response: China will be slowing, and that's a big problem. The country is responsible for half the growth in purchases of aluminum, copper and steel and more than 85% of the growth in tin and nickel. Roach says bank reserve requirements and rises in interest rates, combined with Beijing's recent "administrative edicts" to rein in investments, will throw cold water on the "China mania" gripping investors who blithely assume 11% growth every year. It could also kill off a few of the mania's side effects--like Mandarin lessons for kids and uprooting families to Asia--what Roach calls "Rogers' whole schtick."
Roach says crude oil prices are more likely to head down than up; Rogers says they will approach $100 a barrel before the commodity boom ends. Roach says cheap Chinese imports create "headwinds" against inflation and that rising U.S. bond prices wisely reflect that. Rogers says inflation, far from retreating, is rampant, and he is shorting U.S. Treasury bonds. Roach says the influx of money into commodities means trading "technicals" with no relation to fundamentals can cause investors to "overshoot." Rogers notes that there are fewer than 50 mutual funds worldwide dedicated to commodities versus 70,000 for stocks and bonds, though he too fears man's tendency to overshoot. It's Roach's timing that's off, he says.
"Call me in 2019," says Rogers, which he considers a more likely peak-price year than today. "I will say, 'Sell commodities.' And you will laugh and giggle and say, 'Commodities always go up. You are an old fool.'"
Roach might be thinking something along those lines right now. He apparently sees opportunity in the coming real estate crash. He jokes that he put in a bid of $1.5 million for Rogers' house (eight bedrooms, five baths). Roach says, "He hasn't gotten back to me yet."
Copper stocks rising, but medium term picture still positive
By: Charles Carlisle
Posted: '27-OCT-06 10:00' GMT © Mineweb 1997-2006
LONDON (Mineweb.com) --LME copper stocks have been rising over the past week, which will undoubtedly take some of the pressure off prices and these may well decline next week as a result after a steady run over the past week. Indeed copper has stayed around the $3.50 a pound level for the past four months with a few surges and drops above and below this level. At the time of writing the metal price was around the $3.43 mark.
While stocks have been rising since the middle of the month, this position does not seem likely to be maintained long term. One of the most consistently accurate of copper forecasters, Peter Hollands of Bloomsbury Mineral Economics, noted at a recent Mining Journal 20:20 event that this year’s deficit in supply to demand is likely to be some 330,000 tonnes of copper concentrates, 270,000 tonnes of refined metal and some 250,000 tonnes in copper futures. He went on to say that only a substantial release from China’s strategic stockpile had helped keep the copper price in check from an even greater price surge.
Hollands considers that copper supply will actually remain in deficit through 2007 and may only move into surplus in 2008 – and then the surplus is only likely to be small.
The current position is confirmed by low smelting and refining charges and high prices for the metal which is typically representative of poor mine production, big shortfalls in refined metal supply – with the whole picture exacerbated with a major increase in investment demand through commodity funds.
Although Hollands’ views contradict those of some other analysts, it is perhaps worth remembering that Chip Goodyear, CEO of the world’s largest producer, BHP Billiton, recently pointed to difficulties in increasing production because of labour and equipment availability constraints – and there is also the tendency to mine lower ore grades when prices are good, which also reduces metals output. As will have been noted, many major mining companies have been reporting production shortfalls recently, but mitigated by the high prices which mean that profits have been rising despite the production shortfalls.
If one looks to the copper refiners for the last word on this subject – if they felt that copper was likely to go into surplus in the short to medium term, they would hardly have caved in over the reductions negotiated in charges to the extent they did!
Int'l PBX awaits Copaquire drill results; Tabaco report
2006-10-23 13:22 MT - News Release
Mr. Gary Medford reports
PROGRESS REPORT: COPPER, MOLYBDENUM, GOLD PROJECTS IN CHILE
International PBX Ventures Ltd. is actively proceeding on several fronts and would like to update shareholders about activities on its projects.
Copaquire
This is a porphyry molybdenum-copper system located on the West fissure in Region 1 of Chile that hosts some of the largest copper-molybdenum deposits in the world. The company has just completed 4,500 metres of a 5,000-metre program reverse circulation drill program to test the secondary (leachable) copper mineralization potential. All holes cut a secondary sulphide blanket and most entered chalcopyrite (primary copper) below.
Broken rock and water prevented completion of the program using reverse circulation drilling and so a diamond drill is being mobilized to complete the final two holes.
Assay results will be released when received from the company's vice-president exploration in Chile.
The drill will then be moved to the molybdenum-rich area of the property that was drilled in 2005 in order to commence a follow-up 5,000-metre program to establish a molybdenum resource. The results of the current program will be assessed to determine the required follow-up.
Tabaco
The information from the last drill campaign is with SRK Consultants and a resource report is expected in early November. A trial shipment of copper oxide material from the Tabaco property is expected within 10 days.
Tierra De Oro
This historic gold camp, consisting of shear-hosted gold mineralization in a shattered granite 25 square kilometres in extent, will be explored with a 5,000-metre reverse circulation drill program which is expected to start in early November. The reconaissance program will prioritize targets to be followed up by additional resource definition drilling if merited. More details will be supplied once the program begins.
We seek Safe Harbor.
Quadra sees copper production shortfall in 2006
2006-10-23 07:25 MT - News Release
Mr. Paul Blythe reports
QUADRA UPDATES PRODUCTION GUIDANCE AND HEDGE POSITION FOR REMAINDER OF 2006
Quadra Mining Ltd.'s recoveries achieved at the Robinson mine in Nevada are expected to be significantly below forecast for the balance of 2006 and as a consequence, copper production for the year is now expected to be approximately 115 million pounds of copper in concentrate. This compares with previous guidance of 125 million pounds to 130 million pounds. Gold production is expected to remain unchanged at 55,000 ounces to 60,000 ounces.
The lower-than-expected recovery is due to the presence of high levels of oxide copper contained within the ore in the supergene zone currently being mined. A portion of this oxide copper is soluble in acid and was recognized in the resource database with appropriate discounts made to forecast recovery. The new forecast is based on the presence of non-acid soluble oxide which is not recoverable by flotation. Previous planning and forecasting procedures regarded all copper that is not acid soluble as sulphide and therefore amenable to recovery by flotation. The difference was therefore not predicted. Total production in the third quarter was 33.3 million pounds, representing a shortfall of 3.7 million pounds compared with expectations, due to a recovery in September of 56 per cent compared with an expected recovery of 71 per cent. The non-acid soluble oxide material is expected to impact recoveries for the next two months as the operation mines through the remainder of the supergene zone. Once below this zone, recoveries are expected to return to more typical levels.
As a result of this shortfall and product shipment delays encountered at the end of the third quarter that caused a concentrate inventory buildup at the mine, approximately 11,000 tons of existing hedges will have to be rolled forward into 2007.
In order to be able to continue to draw on the company's working capital facility which provides liquidity protection between the cost of production and the receipt of sales, Quadra's board has approved management to hedge up to 16,000 tons of the remaining 2006 copper metal production. To date the company has hedged approximately 3,200 tons of fourth quarter copper production at a weighted average price of $3.36 (U.S.) per pound.
Quadra's president, Paul Blythe, says: "As a skarn deposit, Robinson is metallurgically complex and while we are disappointed to have encountered more recovery issues in the Veteran pit, the operating team is rapidly developing a greater understanding of the deposit and an expertise in optimizing the mineralogy. We've been building on the knowledge gained through the drill program earlier in the year and actual results and are comfortable that we know what is ahead of us in the next several push backs in the Veteran pit."
The company will release its third quarter 2006 financials on Wednesday, Nov. 8. A conference call to discuss the financial results and elaborate further on production results will be held at 8 a.m. (Pacific Time) (11 a.m. (Eastern Time)) on the same day.
This press release has been reviewed by and received the approval of the board of directors.
We seek Safe Harbor.
African Copper Plc: Oxide and Supergene Drill Programme Returns Higher Grades
LONDON, UNITED KINGDOM--(CCNMatthews - Sept. 21, 2006) - African Copper Plc (TSX:ACU)(BSE:African Copper)(AIM:ACU) -
- A twin hole drill programme has been completed at the Dukwe deposit in Botswana. Twin hole drilling of near-surface oxide and supergene mineralization has returned higher values than historic drilling.
- 21.38 metres grading 4.02% copper against a historic intersection of 24.38 metres grading 2.27% copper.
- 25.93 metres grading 2.01% copper against a historic intersection of 25.61 metres grading 0.91% copper.
- 15.36 metres grading 2.71% copper against a historic intersection of 16.00 metres grading 0.77% copper.
- 16.88 metres grading 4.29% copper against a historic intersection of 14.63 metres grading 0.27% copper.
- Historic database of near surface drilling has been verified by RSG Global Consulting ("RSG") and will be utilized in a comprehensive resource estimate for the entire Dukwe mineralized system.
- RSG is currently completing a block model for resource estimation. Results are expected to be released in early October.
- Caracle Creek International Consulting ("CCIC") is completing a parallel resource estimate with results also expected to be released in early October.
African Copper Plc ("African Copper" or the "Company") announces the results of a twin hole drill programme specifically targeted at verifying and improving the confidence in the historic estimates of the near-surface oxide and supergene mineralization available at the Dukwe deposit in northeastern Botswana (see Table 1 below). The Dukwe deposit is planned to be exploited by mining the near-surface sections of the deposit over the first four years. A twin hole drill programme was completed in late July in order to test the historic grades encountered in the oxide and supergene zones of the deposit.
The twin hole programme was supervised by RSG, an independent consultant to the Company. The current programme used exclusively diamond drilling while historic drilling was a mix of percussion, reverse circulation and diamond drilling completed over numerous campaigns between 1962 and 1997. Percussion and reverse circulation drilling methods may have reported lower grades when compared to diamond drill core recovered from the twin holes.
The historic database used for resource estimation was comprised of 235 drill holes (28,079 metres) although only 86 (10,484 metres) of these holes were diamond drilled with recovered core. The results of the current oxide and supergene twin hole programme show that at least some of the historic drilling likely underestimated the grade of the near-surface mineralization at Dukwe (see Table 1). The only historic hole that reported a significantly higher grade than its twin was hole B12. This historic hole was drilled utilizing pre-wireline standard drill rigs and showed poor recovery. The entire series of these holes drilled between 1962 and 1973 were ignored in historic resource estimates.
The core recovered from the twin hole programme compares favourably with the historic drilling in terms of geology and width of mineralization. The inclusion of most of the historic database is therefore considered to be valid. The historic database has been verified and accepted by RSG. This database has been integrated with the current 38,000 metre sulphide drill programme and is being utilized in a comprehensive resource estimate for the entire Dukwe resource to a depth of 550 metres below surface. The results of this study should be available in early October.
The coarse-grained semi-massive to disseminated nature of the sulphide mineralization at Dukwe has the potential to lead to estimation errors. For this reason, the Company has commissioned CCIC to run a parallel resource estimate utilizing the same database. The use of two globally recognized independent consultants should allow the Company to finalize the resource base that is available to support an extended mine life at Dukwe.
Additional information with respect to the Dukwe project is contained in a technical report prepared by A.C.A Howe International Limited dated March 30, 2006 and entitled "Technical Report on the Dukwe Copper Project and Matsitama Prospecting Licences, Botswana, Africa". This technical report can be reviewed via the SEDAR website at www.sedar.com.
African Copper is a tri-listed (AIM, TSX, Botswana Stock Exchange) international exploration and development company. The Company is planning to develop it's first copper mine at the Dukwe Project and commence production in 2008. The Company's other interests are the 4,000 sq km Matsitama exploration concession adjacent to Dukwe, which contains two known copper deposits and numerous base metal exploration targets. African Copper has approximately 128 million shares outstanding.
Mr. Joseph Hamilton, P.Geo., and Chief Operating Officer of African Copper, is a "qualified person" as defined in Canada by National Instrument 43-101. This press release has been prepared under Mr. Hamilton's supervision. Mr. Hamilton has verified the data disclosed in this press release including the sampling, analytical and test data underlying the information.
This document contains or refers to forward-looking information, including statements regarding the estimation of mineral resources, exploration results, exploration and mine development plans and timing of commencement of operations, and is based on current expectations that involve a number of business risks and uncertainties. Factors that could cause actual results to differ materially from any forward- looking statement include, but are not limited to, the grade and recovery of ore which is mined varying from estimates, capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks arising from operating in Africa, uncertainties relating to the availability and costs of financing needed in the future, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and other factors. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and we assume no responsibility to update them or revise them to reflect new events or circumstances, other than as required by law.
The Coming Industrial Metals Downturn
By Steve Saville
19 Sep 2006 at 10:08 AM EDT
http://www.resourceinvestor.com/pebble.asp?relid=23942
Northern Orion Reports Record Second Quarter 2006 Results and Indicative Guidance for Agua Rica
Wednesday August 9, 8:00 am ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Aug 9, 2006 -- Northern Orion (TSX:NNO.TO - News)(AMEX:NTO - News) is pleased to report record quarterly net earnings of $32,828,000 ($0.22 per share) for the second quarter of 2006 ("Q2 2006") compared with net earnings of $3,624,000 ($0.02 per share) for the second quarter of 2005 ("Q2 2005").
Second quarter 2006 highlights
- The Company's share of operating cash flow before interest, depletion, depreciation, amortization and tax ("EBITDA", see Section 3.3) from Alumbrera was $56,327,000 ($0.37 per share) in Q2 2006, compared to $12,063,000 ($0.08 per share) in Q2 2005.
- Equity earnings from Alumbrera was $37,876,000 ($0.25 per share) in Q2 2006, compared to $6,935,000 ($0.05 per share) for Q2 2005.
- Average realized copper price was $4.44 per pound and average realized gold price was $608 per ounce in Q2 2006 ($1.59 and $422 in Q2 2005 respectively). The Company's share of Alumbrera sales in Q2 2006 was 15,576,000 pounds of copper and 24,653 ounces of gold (11,312,000 pounds and 15,897 ounces in Q2 2005 respectively).
- An ongoing ore delineation drilling programme at Alumbrera has confirmed an additional 40 million tonnes of mineral reserves, extending the mine life of Alumbrera by one year until at least mid-2016.
- As a result of strong earnings in the last few quarters, Alumbrera paid its first earned royalty payment under the original royalty agreement to YMAD in Argentina. Net of previous advances of $16.4 million, a payment of $33.4 million (on a 100% basis) was made to YMAD in August 2006.
- During the quarter, the Company continued to make significant progress on the update to the feasibility study for the development of its Agua Rica project. This is nearing completion and its results are expected to be released upon completion of the current metallurgical and mining optimization activities, final reviews and approvals. Discussions for the financing of the project are also well under way.
- Indicative guidance suggests that Agua Rica will be a very low cost producer, based on work completed to date, and based on constructing all required components for the project with no allowance for existing infrastructure and current costing data. Subject to confirmation on completion of the updated study and assuming no shared or available infrastructure, Agua Rica has:
- 23-year life of mine
- Capital costs of $1.9 billion
- Cash cost of $0.09 per pound of copper net of by-products (based on $435/oz gold and $7.00/lb molybdenum)
- Cash cost of negative $1.05 per pound of copper net of by-products (based on current prices of $635/oz gold and $26/lb molybdenum)
- At June 30, 2006, the Company had a cash position (including temporary investments) of $172,425,000.
David Cohen, President and CEO of Northern Orion said: "We are very pleased with our second quarter results and with our progress at Agua Rica which is demonstrating that it will be a very low cost producer. We would also like to congratulate the Alumbrera management team and its staff for their commitment and dedication to continually add value to the project, as demonstrated by Alumbrera's operating efficiencies and safety performance standards and by the latest extension of the mine life at Alumbrera."
Teleconference call and webcast details
Northern Orion will host a telephone conference call and webcast on Thursday 10 August at 10:00 a.m. Pacific (1:00 p.m. Eastern) to discuss these results. The conference call may be accessed by dialing 1-800-319-4610 in Canada and the United States, or 1-604-638-5340 internationally.
The conference call will be archived for later playback until August 17, 2006 and can be accessed by dialing 1-800-319-6413 or 1-412-317-0095 and using the passcode 7218#. A live and archived webcast presentation will also be available at www.northernorion.com.
Please go to www.northernorion.com to review our Management's Discussion and Analysis of Financial Conditions and Results of Operations.
Results of Operations for the three and six months ended June 30, 2006
The following table sets forth selected consolidated financial information for the three and six months ended June 30, 2006 and 2005 (in thousands of U.S. dollars, except per share amounts):
Table 1
Consolidated statements of operations
Second quarter First half
------------------- ------------------
2006 2005 2006 2005
--------- -------- --------- -------
Equity earnings of Minera
Alumbrera Ltd. $ 37,876 $ 6,935 $ 59,285 $ 15,191
Expenses
Financing costs -- (285) -- (569)
Foreign exchange gains
(losses) 27 (1,183) 17 512
Office and administration (665) (740) (1,321) (1,247)
Professional and consulting (548) (425) (1,054) (881)
Property maintenance
and exploration (421) (44) (464) (89)
Settlement of lawsuit (500) 0 (500)
Stock-based compensation (5,165) (1,418) (5,165) (1,418)
Interest and other income 2,224 923 3,499 1,418
Interest expense -- (139) -- (355)
--------- -------- --------- -------
Net earnings for the period $ 32,828 $ 3,624 $ 54,297 $ 12,562
--------- -------- --------- -------
--------- -------- --------- -------
Earnings per share -
basic $ 0.22 $ 0.02 $ 0.36 $ 0.09
Earnings per share -
fully diluted $ 0.18 $ 0.02 $ 0.30 $ 0.08
Weighted average shares
outstanding ('000s)
Basic 151,599 148,476 150,494 138,914
Diluted 181,062 165,683 179,081 158,972
Alumbrera operations
During the three months ended June 30, 2006, the Company recorded equity earnings of $37,876,000, a record for any quarter since the acquisition of its 12.5% interest in the Alumbrera Mine in June 2003. This represented an increase of 446% over the same period in 2005. During the six months ended June 30, 2006, the Company's equity earnings of $59,285,000 was a 290% increase over the same period in 2005.
The following is a summary of Northern Orion's 12.5 % proportional share of Alumbrera's operations for the three and six months ended June 30, 2006 and 2005:
Table 2
Company's 12.5% proportional share of Alumbrera operations
Second quarter First half
--------------------- ---------------------
2006 2005 2006 2005
--------------------- ---------------------
Key financial statistics
(amounts stated in thousands
of U.S. dollars)
(per share amounts stated in
U.S. dollars)
EBITDA (1) $ 56,327 $ 12,063 $ 88,982 $ 25,888
Equity earnings $ 37,876 $ 6,935 $ 59,285 $ 15,191
EBITDA, per share (1) $ 0.37 $ 0.08 $ 0.59 $ 0.19
Equity earnings,
per share $ 0.25 $ 0.05 $ 0.39 $ 0.11
Sales -
Copper (pounds) 15,576,000 11,312,000 26,736,000 21,313,000
Gold (ounces) 24,653 15,897 41,823 32,638
Average realized price
Copper ($ per pound) $ 4.44 $ 1.59 $ 3.94 $ 1.60
Gold ($ per ounce) $ 608 $ 422 $ 595 $ 419
Copper cash costs
per pound, net of
gold credits (1) $ 0.32 $ 0.27 $ 0.17 $ 0.13
Key production statistics
Ore mined (tonnes) 850,000 1,148,000 1,639,000 2,226,000
Ore milled (tonnes) 1,158,000 1,150,000 2,261,000 2,293,000
Grades -
Copper (%) 0.61 0.57 0.62 0.53
Gold (grams/tonne) 0.77 0.58 0.77 0.57
Recoveries -
Copper (%) 89 91 89 90
Gold (%) 79 77 78 77
Production -
Copper (pounds) 13,945,000 12,994,000 27,531,000 23,918,000
Gold (ounces) 22,823 16,308 43,579 32,166
(1) These are non-GAAP measures as described below.
Average realized copper and gold prices in Q2 2006 were 179% and 44% higher, respectively, than for the same period in 2005. Average realized prices for the first six months of 2006 were 146% and 42% higher, respectively, than for the same period in 2005. Average realized prices can differ from average spot prices as metals sales prices are subject to adjustment on final settlement. In a sharply rising copper price environment which was experienced throughout the first six months of 2006, these adjustments on certain sales recognized during late 2005 and in Q1 2006 resulted in a realized price of $4.44 per pound of copper for Q2 2006, substantially higher than the average spot price of $3.29 per pound.
The average grades of copper and gold mined in Q2 2006 were 7% and 33% higher, respectively, than for the same period in 2005. Grades for the first half of 2006 were 17% and 35% higher, respectively, than for the first half of 2005. Copper and gold recoveries have remained relatively unchanged in the past 12 months. There was a 26% drop in the tonnes of ore mined in Q2 2006 compared to Q2 2005 and in the first half of 2006 compared to the first half of 2005. However, tonnes of ore milled year-to-date were approximately the same levels as in 2005, and coupled with the increase in the copper and gold grades, production of copper and gold in Q2 2006 was 24% and 28% higher than in Q2 2005, respectively. Production was 15% and 35% higher, respectively, in the first half of 2006 compared to the first half of 2005.
The higher gold production and prices have a positive effect on cash costs per pound of copper net of gold credits, but increased royalties in Q2 2006 resulted in cash costs per pound of copper (net of gold credits) increasing from $0.27 in Q2 2005 to $0.32 in Q2 2006, as discussed in Section 3.3. During Q2 2006, Alumbrera started to accrue for royalties payable to Yacimientos Mineros de Agua de Dionisio ("YMAD Royalty"), a quasi-government mining company which owns and administers all mining prospects in the Farallon Negro district, the region which includes the Alumbrera Mine. Under a royalty agreement put in place prior to project construction, the YMAD Royalty is equal to 20% of net proceeds after capital recovery and certain other adjustments, and is payable in the fiscal year following the one in which positive net proceeds are realized. The YMAD Royalty is in addition to a royalty which the Alumbrera Mine already pays to the Province of Catamarca. In Q2 2006, total royalties increased by $7,284,000 compared to the same period in 2005.
Recent Developments at Alumbrera
In August 2006, Alumbrera paid its first earned royalty payment of $33.4 million to YMAD, net of previous advances of $16.4 million (on a 100% basis).
Alumbrera expects to complete the expansion of its concentrator by the end of 2006 for a cost of about $15.5 million (Northern Orion share - US$1.9 million). This is projected to increase mill throughput by 8% to 40 million tonnes per annum.
In August 2006, Alumbrera announced an upgrade in its Mineral Reserves and Resources, extending the mine life at Alumbrera by one year to mid-2016. This was based on an ongoing delineation drilling programme in the Alumbrera pit undertaken both within the existing ore envelope and for extensions at depth. The Mineral Reserves and Resources currently stand as follows (on a 100% basis, of which Northern Orion owns 12.5%):
Mineral Reserves(i) Mineral Resources(i) (inclusive of Reserves)
-------------------------- -------------------------------------------
Proved 380 Mt @0.45%Cu & Measured 400 Mt @0.45%Cu & 0.48 gpt Au
0.49 gpt Au
-------------------------- -------------------------------------------
Probable 24 Mt @0.42%Cu & Indicated 24 Mt @0.42%Cu & 0.43 gpt Au
0.43 gpt Au
-------------------------- -------------------------------------------
Total 400 Mt @0.45%Cu & Total 420 Mt @0.45%Cu & 0.48 gpt Au
0.49 gpt Au
-------------------------- -------------------------------------------
(i) Information which relates to Mineral Resources and Reserves is
based on information verified by Alumbrera's internal lab facilities
and compiled by Mr. Luis Rivera who is a member of the Australasian
Institute of Mining and Metallurgy and who is a Qualified Person as
defined by National Instrument 43-101. Mr. Rivera is a full-time
employee of Minera Alumbrera Limited. Ore Reserves have been
calculated in accordance with the recommendations of the Australian
Institute of Mining and Metallurgy - Joint Ore Reserve Committee
(the "JORC" code), where the Measured and Indicated Mineral
Resources are inclusive of those Mineral Resources modified to
produce the Mineral Reserves.
Alumbrera Non-GAAP Measures
The Company believes that conventional measures of performance prepared in accordance with Canadian GAAP do not fully illustrate the ability of Alumbrera to generate cash flow. In this MD&A, the Company has reported its share of earnings before interest, depletion, depreciation, amortization and tax ("EBITDA") at Alumbrera. This is a liquidity non-GAAP measure which the Company believes is used by certain investors to determine the Company's ability to generate cash flows for investing and other activities. The Company also reports cash costs per pound of copper (net of gold credits), another non-GAAP measure which is a common performance measure used in the base metals industry. These non-GAAP measures do not have any standardized meaning prescribed under Canadian GAAP, and therefore they may not be comparable to similar measures employed by other companies.
Cash costs net of gold credits increased to $0.32 per pound of copper in Q2 2006 from $0.27 per pound in Q2 2005. For the year-to-date, cash costs increased to $0.17 per pound of copper from $0.13 per pound in 2005. The primary cause for the increase is the YMAD Royalty as described above, but costs of production have also increased in the last twelve months due to rising costs of fuel, electricity, tires and reagents, and higher rates for price participation, treatment and refining charges, and ocean freight.
The following table provides a reconciliation of EBITDA and cash costs per pound (net of gold credits) to the financial statements:
Table 3
(Stated in thousands, except ounce, pound,
per ounce and per pound amounts)
Second quarter First half
--------------------- ---------------------
2006 2005 2006 2005
---------- --------- ---------- ---------
EBITDA Calculation
Revenues from mining
activities $ 76,302 $ 21,871 $ 118,310 $ 42,281
Cash cost of sales (19,975) (9,808) (29,328) (16,393)
---------- --------- ---------- ---------
EBITDA $ 56,327 $ 12,063 $ 88,982 $ 25,888
Interest, taxes,
depreciation and
amortization (18,451) (5,128) (29,601) (10,697)
---------- --------- ---------- ---------
Equity earnings of
Alumbrera $ 37,876 $ 6,935 $ 59,381 $ 15,191
---------- --------- ---------- ---------
---------- --------- ---------- ---------
Cash cost calculation
Gold sales in ounces 24,653 15,897 41,823 32,638
Average realized price
per ounce $ 608 $ 422 $ 595 $ 419
---------- --------- ---------- ---------
Total gold revenues $ 14,989 $ 6,709 $ 24,885 $ 13,675
Cash cost of sales 19,975 9,808 29,328 16,393
---------- --------- ---------- ---------
Net costs after gold
credits 4,986 3,099 4,443 2,718
---------- --------- ---------- ---------
Copper sales in pounds 15,577,000 11,312,000 26,736,000 21,313,000
---------- --------- ---------- ---------
Cash cost per pound
of copper $ 0.32 $ 0.27 $ 0.17 $ 0.13
---------- --------- ---------- ---------
---------- --------- ---------- ---------
Agua Rica
In late 2004, the Company commissioned Hatch Ltd. to prepare a detailed update to the initial 1997 feasibility study to support financing. This update, which is nearing completion, has focused on the development of an independent mine and processing facility at Agua Rica, with production planned to commence approximately three years after the Company obtains all necessary permits.
The Company has completed all field work necessary to support the update to the feasibility study. The work included drilling in the mine area for pit slope stability and hydrogeological data, water supply drilling, updating the block model and resource estimate, and performing additional baseline work to support the environmental impact assessment. The Company is currently undertaking optimization of the mine plan and the metallurgical flowsheet. A detailed environmental and social impact assessment is currently being prepared and is scheduled for presentation in the fourth quarter of 2006. The Company has also mandated a financial advisor to arrange project debt financing and is currently in discussions with international project finance banks that may potentially participate in the financing.
Indicative guidance suggests that Agua Rica will be a very low cost producer, based on work completed to date, and based on constructing all required components for the project with no allowance for existing local infrastructure and current costing data. Subject to confirmation on completion of the updated study, Agua Rica has a 23 year life of mine with capital costs of $1.9 billion. Cash cost per pound of copper net of by-products is estimated at $0.09 based on $435 per ounce of gold and $7.00 per pound of molybdenum, and negative $1.05 based on current prices of $635 per ounce of gold and $26 per pound of molybdenum.
In the second quarter of 2006, the Company incurred cash expenditures of $5,371,000 on advancing the update to the feasibility study. For the six months ended June 30, 2006, the Company spent $11,689,000 on advancing the update to the feasibility study.
Corporate
Corporate expenses in the three and six months ended June 30, 2006 were generally in line with the same periods in 2005, except the following items:
A foreign exchange loss was incurred in Q2 2005 and a foreign exchange gain was incurred in the first half of 2005 as a result of the Company holding significant amounts of Canadian dollars in a volatile U.S. dollar environment. The Company reduced its exposure to foreign exchange gains and losses during the third quarter of 2005 when it converted Cdn.$74 million in cash to U.S. dollars. No significant foreign exchange gains or losses were experienced in 2006.
Property maintenance and exploration of $421,000 in Q2 2006 included exploration expenditures of $375,000 on the Company's properties in the provinces of Mendoza and Neuquen in Argentina. Exploration costs in the first quarter of 2006 were not significant. The Company is planning to commence a drilling program in these areas in the third quarter of 2006.
In Q2 2006, the Company settled a labour claim against the Company for $500,000. The claimant had claimed damages of $714,000.
The Company recorded stock-based compensation of $5,165,000 in Q2 2006 as a result of stock options issued during the period. See Section 4.1 for details. In Q2 2005, stock-based compensation of $1,418,000 was recorded. No stock options were granted during the first three months of 2005 and 2006.
Interest and other income in Q2 2006 included a $401,000 gain on sale of marketable securities. Interest income increased from $923,000 in Q2 2005 to $1,823,000 in Q2 2006 (and from $1,418,000 in the first half of 2005 to $3,098,000 in the first half of 2006) due to the Company's increased cash balances from cash distributions from Alumbrera and from a short-form prospectus financing in February 2005, and due to rising interest rates over the past 12 months. At June 30, 2006, $169,000 in interest receivable was included in prepaid expenses and other receivables on the balance sheet.
Financing costs and interest expense were incurred in Q2 2005 and in the first half of 2005 in connection with an outstanding term loan facility which the Company repaid in full by the end of 2005. No such costs were incurred in Q2 2006.
Liquidity, Capital Resources and Outlook
At June 30, 2006, the Company had working capital of $171,387,000 (December 31, 2005 - $133,605,000) and cash and cash equivalents and temporary investments of $172,425,000 (December 31, 2005 - $135,911,000). The increase in the cash balances in 2006 was mostly due to cash distributions of $49,756,000 received from the Alumbrera mine, offset by cash expenditures of $11,689,000 at its Agua Rica Project.
The Company anticipates copper and gold prices to remain strong in 2006. For the remainder of 2006, the mine plan at Alumbrera calls for the mining of zones that are of lower copper grades than that achieved in the first half of 2006 (2H 2006 - 0.52%; 1H 2006 - 0.62%), and also lower gold grades as compared to the first half of 2006 (2H 2006 - 0.63 g/t; 1H 2006 - 0.77 g/t). Recovery rates for the rest of 2006 are expected to remain the same. The following graphs show the actual and estimated grades and recoveries for copper and gold for each of the quarters in 2006:
To view the attached graphs, please click on the following links:
http://www.ccnmatthews.com/docs/coppergrades.jpg
http://www.ccnmatthews.com/docs/goldgrades.jpg
http://www.ccnmatthews.com/docs/copperrecovery.jpg
http://www.ccnmatthews.com/docs/goldrecovery.jpg
The information above is subject to change and is subject to the risk factors described in the Company's Management Discussion and Analysis for the year ended December 31, 2005.
Based on current commodity prices, market conditions and planned production levels at Alumbrera, the Company expects to receive significant cash flows from Alumbrera for at least the next eight to ten years, which, along with the Company's current cash balances, will provide a significant part of the equity contribution necessary for the Company to bring Agua Rica into production. The Company will also require significant external financing or third party participation in order to bring Agua Rica into production. However, if volatile global and market conditions result in a significant decline in commodity prices, then the cash flows from Alumbrera may become insufficient to advance any of the Company's projects, including Agua Rica, to the production stage, and to fund other acquisition projects. This could also result in the Company having difficulty in obtaining external financing or third party participation.
If so, over the long-term, the Company may be required to obtain additional funding either through the public or private sales of equity or debt securities of the Company, or through the offering of joint venture or other third party participation in Agua Rica in order to bring Agua Rica into production. Insofar as factors beyond the Company's control may adversely affect its access to funding or its ability to conclude financing arrangements, there can be no assurance that any additional funding will be available to the Company or, if available, that it will be on acceptable terms. If adequate funds are not available, the Company may be required to delay or reduce the scope of its activities to bring Agua Rica into full production.
Northern Orion is a mid-tier copper and gold producer focused on the development of its Agua Rica project and engaged in the exploration for copper and associated by-product metals in Argentina. The Company will continue to build upon its progress to date with a strategy to advance Agua Rica so as to achieve maximum monetary returns in the shortest time frame. In addition, the Company will continue to review and evaluate accretive acquisitions that could provide the Company with additional cash flow in the short to medium term.
David Cohen, President and CEO
Except for the statements of historical fact contained herein, certain information presented constitutes "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements, including but not limited to, those with respect to the price of gold, silver and copper, the timing and amount of estimated future production, the potential and/or projected cash flow generated from production, costs of production, reserve determination and reserve conversion rates, and the potential for further equity dilution involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Northern Orion to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks related to international operations, risks related to joint venture operations, the actual results of current exploration activities, actual results of current reclamation activities, conclusions of economic evaluations, uncertainty in the estimation of ore reserves and mineral resources, changes in project parameters as plans continue to be refined, future prices of gold, silver and copper, economic and political instability in Argentina, environmental risks and hazards, increased infrastructure and/or operating costs, labor and employment matters, and government regulation as well as those factors discussed in the section entitled "Risk Factors" in Northern Orion's Renewal Annual Information form attached to Northern Orion's latest Form 40-F on file with the United States Securities and Exchange Commission in Washington, D.C. Although Northern Orion has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Northern Orion disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Accordingly, readers should not place undue reliance on forward-looking statements.
Contact:
Contacts:
Northern Orion Resources Inc.
Investor Relations
1-866-608-9970
info@northernorion.com
http://www.northernorion.com
--------------------------------------------------------------------------------
Source: Northern Orion Resources Inc.
Copper drifts after topping $8,000 on Chile strike
Mon Aug 7, 2006 1:15 PM GMT By Daniel Magnowski
LONDON (Reuters) - Copper futures backed off from
highs above $8,000 a tonne on Monday after early rounds of
buying ran out of steam, but the metal was well supported by
concerns over the possibility of a strike at Escondida in Chile.
More than 2,000 union workers are prepared for a
high-profile strike at BHP Billiton-owned Escondida, the world's
largest copper mine, starting on Monday after talks for a new
wage contract failed despite 11th-hour government mediation.
Copper for delivery in three months on the London Metal
Exchange <MCU3=LX touched $8,030 in early trade, up $170 from
Friday's closing price, but by 1002 GMT had slipped to
$7,835/7,855.
While Escondida is dominating the market, fund managers who
were drawn to copper futures say tight supply and strong demand
are the long-term driving factors.
"We will be buying it no matter what," a European fund
manager with over $100 million in assets said.
"The performance of base metals has been huge, and we'll be
increasing our base metals exposure again today."
At $8,000 per tonne, copper is almost $1,000 below the
all-time high it hit in May, but more than four times more
expensive than it was three years ago.
Lack of new supply and dwindling stocks meant there was very
little excess metal in the system, which would support prices,
investment bank UBS said.
"We still see industrial metal prices peaking next year and
favour copper, platinum and zinc," strategist John Reade said in
a note.
Dollar-denominated copper, other base metals and gold were
supported by a fall in the dollar on growing expectations that
the U.S. Federal Reserve would hold benchmark interest rates
steady at 5.25 percent this week after a weak U.S. jobs report.
Aluminium traded up to $2,550 per tonne, $11 higher than
Friday's close, and gold reached $651 per ounce, up $7 from
Friday's late quote in New York.
Mining stocks fell in early trade in London as stock markets
were dragged down by high oil prices. London Brent crude jumped
2 percent to more than $77 per barrel as producer BP began
shutting an oil field in Alaska.
Northern Orion Reports Additional Mineral Reserves Extending the Mine Life at Alumbrera
Wednesday August 2, 9:00 am ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Aug 2, 2006 -- Northern Orion Resources Inc. (TSX:NNO.TO - News)(AMEX:NTO - News) is pleased to announce an upgrade in the Mineral Reserves at Alumbrera extending the mine life by one year until at least mid-2016.
An on-going ore delineation drilling programme in the Alumbrera pit, undertaken both within the existing ore envelope and for extensions at depth, has confirmed 40 million tonnes of additional mineral reserves. The mine plan was re-optimized based on a new geological model with additional mineralization, and together with improved final pit slope angles resulted in an increase in contained metal reserves of more than 10%. This equates approximately to an additional 260 million pounds of contained copper (Northern Orion's share - 33 million pounds) and 400,000 ounces of gold (Northern Orion's share - 50,000 ounces) over the life of the mine. The additional ore was identified predominantly in the southern end of the pit, both inside and outside previous pit shell limits.
Also, progressive expansions of the Alumbrera concentrator over the previous four years will be completed by the end of 2006 and will have increased the throughput capacity of the Alumbrera concentrator by 54% to 40 million tonnes per annum.
As a consequence of the announced increase, current Mineral Reserves and Resources are (on a 100% basis, of which Northern Orion owns 12.5%):
Mineral Reserves(i) Mineral Resources(i)
------------------------- --------------------------
Proved 380 Mt @0.45%Cu Measured 400 Mt @0.45%Cu
& 0.49 gpt Au & 0.48 gpt Au
------------------------- --------------------------
Probable 24 Mt @0.42%Cu Indicated 24 Mt @0.42%Cu
& 0.43 gpt Au & 0.43 gpt Au
------------------------- --------------------------
Total 400 Mt @0.45%Cu Total 420 Mt @0.45%Cu
& 0.49 gpt Au & 0.48 gpt Au
------------------------- --------------------------
(i) The information in this press release which relates to
Mineral Resources and Reserves is based on information
verified by Alumbrera's internal lab facilities and compiled
by Mr. Luis Rivera who is a member of the Australasian
Institute of Mining and Metallurgy and who is a Qualified
Person as defined by National Instrument 43-101. Mr. Rivera
is a full-time employee of Minera Alumbrera Limited. Ore
Reserves have been calculated in accordance with the
recommendations of the Australian Institute of Mining and
Metallurgy - Joint Ore Reserve Committee (the "JORC" code),
where the Measured and Indicated Mineral Resources are
inclusive of those Mineral Resources modified to produce the
Mineral Reserves.
PRESENTATION AND CONFERENCE CALL FOR 2nd QUARTER 2006 RESULTS
Northern Orion will release its second quarter results and an update on progress at Agua Rica before the market opens on Wednesday, August 9, 2006 and will host a telephone conference call and presentation by webcast on Thursday, August 10, 2006 at 10:00 a.m. Pacific Time (1:00 p.m. Eastern) to discuss the study and the results. The conference call may be accessed by dialing 1-800-319-4610 in Canada and the United States, or 1-604-638-5340 internationally. The webcast may be accessed on Northern Orion's home page at www.northernorion.com.
David Cohen, President and CEO
Except for the statements of historical fact contained herein, certain information presented constitutes "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements, including but not limited to, those with respect to the price of molybdenum, gold, silver and copper, the timing and amount of estimated future production, the potential and/or projected cash flow generated from production, costs of production, reserve determination and reserve conversion rates, and the potential for further equity dilution involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Northern Orion to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks related to international operations, risks related to joint venture operations, the actual results of current exploration activities, actual results of current reclamation activities, conclusions of economic evaluations, uncertainty in the estimation of ore reserves and mineral resources, changes in project parameters as plans continue to be refined, future prices of gold, silver and copper, economic and political instability in Argentina, environmental risks and hazards, increased infrastructure and/or operating costs, labor and employment matters, and government regulation as well as those factors discussed in the section entitled "Risk Factors" in Northern Orion's Renewal Annual Information form attached to Northern Orion's latest Form 40-F on file with the United States Securities and Exchange Commission in Washington, D.C. Although Northern Orion has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Northern Orion disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Accordingly, readers should not place undue reliance on forward-looking statements.
Contact:
Contacts:
Northern Orion Resources Inc.
Investor Relations
1-866-608-9970
http://www.northernorion.com
--------------------------------------------------------------------------------
Source: Northern Orion Resources Inc.
Southern Silver acquires 65% of Fury's copper prospect
2006-07-17 12:14 MT - News Release
Mr. Lawrence Page reports
SOUTHERN SILVER EXPANDS MEXICAN HOLDINGS FROM 3.6 SQUARE KILOMETRES TO 97 SQUARE KILOMETRES
Southern Silver Exploration Corp. has expanded its interest in a Mexican copper exploration district to more than 97 square kilometres by agreeing to acquire a 65-per-cent interest in the Magistral I copper prospect in Jalisco, Mexico, from Fury Explorations Ltd.
The Magistral I claims border the 100-per-cent-owned La Sorpresa project which Southern Silver currently is exploring with a drill program that is targeting high-grade copper mineralization in quartz-tourmaline breccias within disseminated copper-bearing intrusives. The agreement with Fury also includes the acquisition of data from a 1997 airborne geophysical survey, which covers both the La Sorpresa claims and a significant portion of the Magistral I claim within a total flown area of 81 square kilometres.
The company said that the Magistral I concession, which covers 9,400 hectares and adjoins the La Sorpresa claim on the north, east and west borders, is significantly larger than the original 360-hectare La Sorpresa claim block and includes multiple untested magnetic, electromagnetic and radiometric geophysical anomalies, some of which overlap the boundaries between the two claim blocks.
Southern Silver may acquire 65-per-cent interest in the property by issuing a total of 500,000 shares vested as to 50,000 shares upon signing the option agreement, 50,000 shares in each of the first four years of the option term and 250,000 shares in year five as well as expending $3-million (U.S.) on exploration expenditures, in staged increments, over five years. Share issuances are subject to regulatory approval.
Southern Silver president Lawrence Page said: "Through this acquisition Southern Silver has consolidated a district-size land package containing numerous exploration targets and now has the ability to follow several target zones, developed on the La Sorpresa claims through detailed mapping and geophysical surveys, on to the newly acquired property. Because Southern Silver has a drill rig on site at the La Sorpresa claims currently undertaking a drilling program, we have the ability to quickly initiate a drilling program on targets within the Magistral I concession identified by analysis of present data and ground evaluation by our on-site geologists."
The Magistral I property is accessible via a series of gravel roads from the town of Ameca (population 50,000), which is located 80 kilometres southwest of Guadalajara.
Rob Macdonald, PGeo, is the qualified person responsible for reviewing the technical results reported in this release.
We seek Safe Harbor.
MGGV NEWS AFTER THE BELL ON FRIDAY LOOKS LIKE NEXT WEEK WILL BE HUGE TIME TO GET IN ON THE BOTTOM FOR THE RIDE UP
SSV - Southern Silver, lots of volume this week. Drilling in progress on the La Sopressa property.
Yamana Hedges 90 Million Pounds of Copper Production
Wednesday May 24, 5:41 pm ET
TORONTO, ONTARIO--(MARKET WIRE)--May 24, 2006 -- Yamana Gold Inc. ("Yamana") (TSX:YRI.TO - News)(AMEX:AUY - News)(AIM: YAU) is pleased to announce that it has entered into a conventional hedging program relating to the forward sale of 90 million pounds of its 2008 Chapada copper production at an average price of $2.75 per pound. The Chapada copper-gold mine is scheduled for completion by late 2006 and the feasibility study for this Brazil-based mine suggests a two-year pay back at a copper price of $1.00 per pound. This hedging program greatly maximizes value and return for shareholders by accelerating that payback to about one year.
The additional benefits of this program include the following:
- Includes long call options at an average strike price of approximately $3.25 per pound of copper which provides further upside on the hedged production in the event that copper prices exceed the call strike price
- Unhedged 2008 copper production of approximately 90 million pounds continues to have full exposure to the copper price
- Better positions the Company and Chapada as a significant gold producer as the copper is monetized into cash
- Reduces projected cash costs in 2008 as compared to recent guidance estimates
"Yamana is an intermediate gold producer and we have consistently said that we would monetize copper, which is a secondary metal we will produce, and maximize value for our shareholders," said Peter Marrone, President and Chief Executive Officer of Yamana. "This copper hedging program ensures revenue from copper produced at the Chapada mine that is more than 2.5 times higher than levels assumed in the feasibility study, and will result in a payback of approximately one year to our shareholders. Further, we will be ensuring a meaningfully lower cash cost per ounce of gold production. Forecast cash costs for our planned 800,000 ounces of gold production in 2008 are now at less than $35 per ounce of gold net of copper by-product credits. This is approximately $80 per ounce lower than our previous guidance estimates, and excludes the benefits of potentially higher copper prices on our unhedged production and on the hedged production above the call strike price. Additionally, as the copper is monetized Yamana is ensured increased cash flow availability for the development and acquisition of other gold projects."
Chapada is now approximately 75% completed and on track to begin operations at the end of this year. Gold production from Chapada is expected to be approximately 1.3 million ounces of gold over its mine life with 700,000 ounces of gold of that total in the first five years and 365,000 ounces of gold in the first two years alone. Total copper production over the 19 year mine life at Chapada is expected to be two billion pounds of copper.
About Yamana
Yamana is a Canadian gold producer with significant gold production, gold and copper-gold development stage properties, exploration properties, and land positions in Brazil and Central America. Yamana expects to produce gold at intermediate company production levels in 2006 in addition to significant copper production by 2007. Company management plans to continue to build on this base through the advancement of its exploration properties and by targeting other gold consolidation opportunities in Brazil and elsewhere in Latin America.
Cautionary GAAP Statements
The economic hedges do not meet the requirements for hedge accounting under current generally accepted accounting principles, however, Yamana has concluded that the above mentioned financial instruments provide an effective means to manage metal risk price and enable business planning with greater certainty. As accounting rules preclude Yamana from reflecting the economic substance of these transactions, market-to-market values on these financial instruments will be recognized period to period. As such, the recognition of unrealized gains and losses on the fair value of financial instruments will cause net earnings to fluctuate period to period.
Cautionary Statements
This news release contains "forward-looking statements", within the meaning of the United States Private Securities Litigation Reform Act of 1995 and similar Canadian legislation, concerning the business, operations and financial performance and condition of each of Yamana. Forward-looking statements include, but are not limited to, statements with respect to estimated production, synergies and financial impact of acquisitions and the development potential of Yamana's properties; the future price of gold and copper; the estimation of mineral reserves and resources; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; capital expenditures; success of exploration activities; permitting time lines and permitting, mining or processing issues; currency exchange rate fluctuations; government regulation of mining operations; environmental risks; unanticipated reclamation expenses; title disputes or claims; and limitations on insurance coverage. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".
Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and un known risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Yamana to be materially different from those expressed or implied by such forward-looking statements, including but not limited to risks related to: unexpected events during construction, expansion and start-up; variations in ore grade, tones mined, crushed or milled; variations in relative amounts of refractory, non-refractory and transition ores; delay or failure to receive board or government approvals; timing and availability of external financing on acceptable terms; the businesses of Yamana and acquisitions not being integrated successfully or such integration proving more difficult, time consuming or costly than expected; not realizing on the anticipated benefits from the acquisitions or not realizing on such anticipated benefits within the expected time frame; risks related to international operations; actual results of current exploration activities; actual results of current reclamation activities; conclusions of economic valuations; changes in project parameters as plans continue to be refined; future prices of gold and copper; possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays in the completion of development or construction activities, as well as those factors discussed in or referred to in the current annual Management's Discussion and Analysis and current Annual Information Form of Yamana filed with the securities regulatory authorities in Canada and available at www.sedar.com, and Yamana's Form 40-F filed with the United States Securities and Exchange Commission. Although management of Yamana has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Yamana does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.
Contact:
Contacts:
Yamana Gold Inc.
Peter Marrone
President and Chief Executive Officer
+1 (416) 815-0220
Yamana Gold Inc.
Leslie Powers
Director, Investor and Public Relations
+1 (416) 815-0220
--------------------------------------------------------------------------------
Source: Yamana Gold Inc.
Press Release Source: Simba Mines Inc.
Simba Announces 15c2-11 Filing
Thursday March 30, 8:00 am ET
BAY CITY, MI--(MARKET WIRE)--Mar 30, 2006 -- Simba Mines, Inc. (Other OTC:SBAM.PK - News) is pleased to announce the filing of Form 15c2-11 to the National Association of Securities Dealers ("NASD") on March 25, 2006. As a result of this filing and as a fully reporting company, Simba Mines seeks to become listed and quoted on the NASD Over-the-Counter Bulletin Board ("OTC BB").
ADVERTISEMENT
"This is a positive development for Simba Mines," commented Mark Smyth, Chairman of Simba Mines, Inc. "It is exciting to become a fully reporting company and is illustrative of our desire and efforts to bring higher standards to our company."
Shares of Simba will continue to trade in the United States on the Pink Sheets. At such time as Simba's Form 15c2-11 is accepted by the NASD, then trading will begin on an unsolicited basis.
Sherwood Intersects Multiple Zones of Copper-Gold Mineralization 350m South of Minto Deposit
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 4, 2006) -
0.5% Copper & 0.1g/t Gold over 255m(i) in 06SWC-071, including 3.8% Copper & 0.9g/t Gold over 13m
Sherwood Copper Corporation (TSX VENTURE:SWC) today announced the results for the final two exploration drill holes drilled to test the "Area 2" exploration target located 350m south of the main Minto copper-gold deposit. As with previously reported hole 06SWC-068, significant copper-gold mineralization was intercepted over vertical intervals exceeding 220m and including sub-intervals of much higher grades that appear to have good geologic continuity hole-to-hole. Highlights from holes 06SWC-071 & -074 are tabulated below, while the complete results are attached.
African Copper Plc: 2005 Drilling Programme Triples Contained Copper at Mapanipani North
LONDON, UNITED KINGDOM--(CCNMatthews - April 3, 2006) - African Copper ("African Copper" or the "Company") (TSX:ACU)(AIM:ACU)(BSE:African Copper) is pleased to release the technical report from its independent consultants A.C.A Howe International Limited ("Howe") which covers the work carried out in 2005/6 including the drilling and resource estimates at Mapanipani North.
- A 38,000 metre resource definition drill programme has tested a two kilometre strike extent at Dukwe. The mineralization extends for at least 4,370 metres along the Dukwe trend.
- Estimates of the contained copper in the northern 600 metres ("Mapanipani North") have increased to approximately 600 million pounds of copper (39.2 million tonnes at 0.71% Cu classified as indicated resources at 0% cut-off). Estimates for the remaining 1,400 metres of drilled strike extent are being prepared.
- Based on a bulk mining scenario the indicated sulphide copper resource at Mapanipani North is estimated to contain about 315 million pounds at a 0.75% Cu cut-off (indicated resources of 14.4 million tonnes at 1.01% Cu) between 150 metres and 550 metres below surface.
- A selective mining scenario examined the possibility of extracting only the higher grade zones within the bulk estimate and resulted in the resource grade increasing to in excess of 2% Cu (indicated resources of 300,000 tonnes at 3.4% Cu and inferred resources of 3,400,000 tonnes at 2.09% Cu at a 1.5% Cu cut off).
- Howe recommends an underground exploration programme be conducted to provide the detailed information necessary to convert the sulphide resources into reserves which could ultimately be included in a mining plan. This programme is expected to cost approximately US$ 32 million over a 2 to 3 year period.
- African Copper plans to commence construction of the underground access in Q3 of this year subject to arranging appropriate financing and awarding excavation contracts.
The Dukwe Deposit in north eastern Botswana is a structurally controlled hydrothermal copper deposit that contains near surface copper deposits of oxide, supergene and transition material with a substantial resource of underlying sulphide mineralization. Throughout 2005 and early 2006 the Company completed an intensive delineation drilling program on the underlying sulphide mineralization. Drilling is expected to be completed shortly with the final resource estimates for the entire 2,000 metres of tested strike extent expected to be completed by 30 June 2006.
The 38,000 metre drill programme at Dukwe, and the resource estimation, were managed and supervised by RSG Global Pty Ltd. ("RSG") an independent geoscience consulting company based in Perth Australia. The resource estimation has been summarized in the independent report prepared by Howe dated March 30, 2006 entitled "Technical Report on the Dukwe Copper Project and the Matsitama Prospecting Licences Botswana, Africa" (the "Technical Report") that can be found on SEDAR at www.sedar.com and the Company's website at www.africancopper.com.
The northern 600 metres of the 2,000 metres extent of known mineralization has been drilled at nominal 60 metre line spacing with 120 metre vertical pierce points. The current resource estimate extends from 170 metres below surface to a depth of about 550 metres and excludes the surface oxide, supergene and transition resource. The broad breccia package which hosts the copper mineralization extends beyond these depths. The mineralization remains open to the north, south and to depth.
The mineralization at the Dukwe deposit is a structurally controlled hydrothermal semi-massive to disseminated copper deposit contained within a quartz-calcite breccia that has experienced at least 4 phases of deformation. The shear zone and breccia are near vertical and are up to 60 metres wide. Mineralization is discontinuous, and seems to be controlled by an early tensional event with copper emplacement into tension gashes that were oblique to the main shear direction. Subsequent deformation appears to have dragged these tension gashes into parallelism such that the contacts of the individual copper-bearing lenses may still be discrete within the shear but are now almost parallel to the shear contacts. Late stage brittle faulting has displaced some of the lenses to the north-east.
The coarse grained, semi-massive nature of the structurally controlled sulphide mineralization results in a "nugget effect" that requires either closer spaced drilling or an underground exploration program to move the sulphide copper into a mineral reserve category.
African Copper is examining two underground extraction scenarios for the sulphide mineralization:
1) selective extraction of the higher grade copper sulphide bearing lenses; and
2) bulk mining of the entire sulphide breccia zone.
Selective Mining - Mapanipani North (Sulphides)
RSG prepared a resource estimate which examined the resources available to a selective mining operation. The mineralized shear-hosted breccia package at Mapanipani North was subdivided into 15 discrete areas and each was estimated and considered individually. Samples were composited into 1m lengths which were then fit to 2.5m by 15m by 15m blocks for estimating purposes. The 15 mineralized zones were confined by geological and structural observations
The geostatistical variations introduced by these small composite lengths and block sizes results in a lower confidence level in the overall continuity of grades within the discrete areas. This confidence level is reflected in the classification of most resources under the selective mining scenario as inferred resources.
The grades and tonnages shown in the table below are totals for all 15 lenses. Each lens was estimated individually and each carries its own tonnage and grade at a cut-off level. Grades shown are averages and tonnages are totals. Total mineralization within each lens is therefore classified as inferred resources. The individual lenses are of various sizes and at a 0.03 % cut-off range from 300,000 tonnes with 0.34% Cu to 9.1 million tonnes at 1.10% Cu. At a 2% cut-off, the lenses show a range from 100,000 tonnes to 1.3 million tonnes and grades range from 2.35% to 4.63% Cu.
The grade/tonnage relationships shown below have not been optimized, nor has any attempt been made to discard lower grade material from the estimate. This optimization work will be completed over the next three months in conjunction with the complete resource calculations for the entire Dukwe Deposit.
Piper Capital to JV on MBMI's Copper Prince
2006-03-27 17:06 ET - News Release
See News Release (C-PCL) Piper Capital Inc
Mr. David Tafel of Piper reports
JOINT VENTURE AGREEMENT ON COPPER PRINCE GOLD-COPPER PROJECT, ONTARIO
Piper Capital Inc. has signed a letter of intent (LOI) with Garson Resources Ltd., a subsidiary of MBMI Resources Inc., which sets out the terms and conditions for an option agreement in respect of the Copper Prince property located in Sudbury, Ont.
Under the terms of the letter of intent, Piper can earn up to a 60-per-cent interest in the Copper Prince property in two stages -- 50 per cent by making total payments of $75,000, issuing 650,000 shares, and incurring $700,000 in exploration expenditures over three years, and an additional 10 per cent by issuing 250,000 shares and incurring $500,000 in exploration expenditures in the fourth year. The property is currently subject to a 2-per-cent net smelter royalty. This transaction is subject to completion of definitive agreements and regulatory approval.
The Copper Prince property is a gold-copper project comprising a contiguous block of 16 patented mining claims, encompassing approximately 260 hectares located in Falconbridge township within the greater city of Sudbury, Ont. The project lies in the Huronian gold belt -- a zone of past gold producers that extends from northeast of the Sudbury basin to the southwest, south of the town of Espanola, a distance of approximately 120 kilometres (km).
The claims immediately to the north and west of Copper Prince are owned by FNX Mining Company Inc.-Falconbridge Ltd. and are being explored by FNX Mining for footwall-type nickel-copper-platinum group mineral (Ni-Cu-PGM) deposits. Falconbridge is exploring its Nickel Rim deposit, farther to the north, with plans to go into production in the near future. The Falconbridge smelter is located approximately two km to the north of the Copper Prince boundary. To the immediate east of the Copper Prince property lies the Falcon Gold property which is owned by Kinross Gold Corp. The Manchester offset dike (a Ni-Cu-PGM deposit) that belongs to Inco Ltd. is about half a kilometre south of the Copper Prince southern boundary.
Previous exploration
From 1950 to 1973 Copper Prince Mines conducted various exploration programs over the property. During 1988 to 1989, Rainbow Exploration Corp. purchased the property from Copper Prince Mines and optioned it to Inco Gold Co. Inco Gold constructed a new grid (for 29.6 km) and completed magnetic, electromagnetic (VLF (very low frequency) and some IP (induced polarization) surveys), remapped the geology at a scale of 1:1,000, collected 594 surface samples and drilled four holes for 421 metres to test mineralization beneath the original main prospecting pit and in two other areas.
In the period 1995 to 1997, Rainbow Petroleum Corp. tested the South Range breccia belt cutting the property with 27 diamond drill holes for 6,319 m testing zones with narrow gold-copper values at surface. Estimated expenditures by Inco Gold and the Rainbow group of companies to that time were approximately $750,000.
In 2004 MBMI Resources Inc. drilled 10 shallow diamond drill holes for a total of 775 metres. The assay data received confirm copper-gold (Cu-Au) mineralization within quartz veins which range up to several metres in size concentrations. Two zones containing numerous quartz veins containing chalcopyrite, pyrite and pyrrhotite mineralization were encountered. One trend is 15 metres wide by 50 m long, and open on strike and at depth. The other trend extends 80 m in length, and up to 0.5 m in width and is also open on strike and to depth.
David Beilhartz, PGeo, is the qualified person as defined in National Instrument 43-101 and has reviewed the contents of this news release.
This letter of intent is subject to shareholder approval of the disposition agreement with Hidefield Gold PLC with respect to the company's Golden Zone assets which will be voted upon at the company's annual general meeting, to be held March 31, 2006.
African Copper Plc: Dukwe Drilling At Mapanipani Returns More High-Grade Intersections
LONDON, UNITED KINGDOM--(CCNMatthews - March 24, 2006) - African Copper Plc (TSX:ACU)(AIM:ACU)(BSE:African Copper) -
- Drilling at the Dukwe project continues to show high-grade pockets of mineralisation contained within the broad breccia package. Results from a further 6 drill holes from the central Mapanipani zones are reported in Table 1.
- 5.15% copper over 6.90 metres and 3.23% copper over 10.13 metres contained within a larger intersection of 1.56% copper over 61.69 metres.
- 4.03% copper over 4.10 metres contained within 1.08% copper over 48.50 metres
- These results continue to demonstrate the geological continuity of broad mineralized zones, which has now been traced by the current drilling for 1,600 metres of strike extent.
- Mineralization is similar to that encountered further north, with narrow high-grade sections occurring throughout the broad breccia package.
The Dukwe deposit is known to exist over a strike length of 4,370 metres in five separately named sections which are continuous along strike except for slight displacements along post-mineral faults. The current 30,000+ metre delineation diamond drilling programme is focusing on three of these sections covering a 2,000 metre strike length: Mapanipani North, Mapanipani and Bushman. The drill programme is being managed and supervised by RSG Global Pty Ltd., an independent contractor to African Copper Plc ("African Copper" or the "Company"). Metallurgical testing has confirmed that oxide, supergene and sulphide material can be recovered through conventional flotation to create a marketable concentrate (see press release dated 21 February 2006).
The central Mapanipani zone has shown intersections of further high-grade mineralization at a vertical depth between 325 metres and 375 metres. Drilling intersected 5.15% copper over 6.90 metres and 3.23% copper over 10.13 metres contained within a larger intersection of 1.56% copper over 61.69 metres. Approximately 120 metres to the south of this intersection, a drill hole returned 4.03% copper over 4.10 metres contained within 1.08% copper over 48.50 metres. These results continue to demonstrate the semi-massive nature of mineralization that is contained within the broader, lower grade breccia package. This mineralization remains open to depth.
The summary results for the delineation drillholes reported are shown in the table below. Location plan maps and cross sections are available on our website at www.africancopper.com.
NP says Zambia bad, Equinox Minerals good
http://www.equinoxminerals.com/
Northgate Minerals Corporation -
(TSX: NGX; AMEX: NXG)
Northgate Reports Record Quarterly Earnings
and Cash Flow and Announces That its Project
Debt Facility has Been Retired
VANCOUVER, February 23, 2006 –
(All figures in US dollars except where noted) -
Northgate Minerals Corporation -
( TSX: NGX; AMEX: NXG) today reported cash flow
from operations before changes in working capital
of $41,872,000 or $0.20 per common share and
net earnings of $37,857,000 or $0.18 per share
for the fourth quarter of 2005.
Cash flow from operations
for all of 2005 was $66,521,000 or $0.33 per share
and earnings were $32,887,000 or $0.16 per share.
Fourth Quarter Highlights
* Production of 94,405 ounces of gold and
24.7 million pounds of copper.
* The net cash cost of Gold production at
the Kemess mine -
was a record low of $59 per ounce -
lowering year to date
cash cost to $205 per ounce.
* Record quarterly cash flow from operations
before working capital and other items of $41.9 million
and record quarterly earnings of $37.9 million.
* Completed the acquisition of Young-Davidson Mines,
Limited, acquiring 1.5 million ounces of gold resources
within a prospective land package located in the prolific
Kirkland-Larder Lake Gold Belt of northeastern Ontario.
* On February 15, 2006, Northgate repaid the remaining principal on its syndicated credit facility.
http://www.northgateminerals.com/press_release_files/pr_feb23_2006.html
http://www.northgateminerals.com/frame_aboutnorthgate.html
Gold Producers - Low Cost Mines -
dd ...
http://tinyurl.com/zs6a6
,
Pan Pacific Copper Co. Agrees to Offer to Acquire Regalito Copper Corp
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 14, 2006) - Regalito Copper Corp ("Regalito") (TSX:RLO)(AMEX:RLO) is pleased to announce that it has signed an agreement with Pan Pacific Copper Co., Ltd. ("Pan Pacific"), a joint venture between Nippon Mining & Metals Co., Ltd. (66%) ("Nippon Mining") and Mitsui Mining & Smelting Co., Ltd. (34%) ("Mitsui") whereby a subsidiary of Pan Pacific, PPC Canada Enterprises Corp ("PPC Canada"), will make an offer to acquire all of the issued and outstanding shares of Regalito for a cash payment of US$6.00 per share.
Pan Pacific's offer:
- values Regalito at approximately US$137 million on a fully diluted basis;
- represents a 17% premium to Regalito's closing price on Monday, March 13, 2006; and
- represents a 12% premium to Regalito's average closing price for the month of February 13 - March 13, 2006.
The transaction is to be effected by way of a takeover bid. The takeover bid circular is to be mailed to shareholders no later than mid-April 2006 and, subject to achievement of a minimum tender condition of 66 2/3%, the transaction is expected to close in May 2006.
The Board of Directors of Regalito has unanimously approved the transaction. A special committee of Regalito's board of directors has received an opinion from its financial advisor, Bear, Stearns & Co. Inc., that the offer is fair, from a financial point of view, to the shareholders of Regalito (excluding shareholders who have entered into lock-up agreements with PPC Canada). The Board of Directors will, in a directors' circular expected to be mailed concurrently with the take-over bid circular, recommend that shareholders tender their shares in acceptance of the bid. Certain officers, directors and major shareholders of Regalito, representing 42% of the shares outstanding on a fully diluted basis, have agreed to enter into lock-up and support agreements with Pan Pacific under which they have agreed to tender their shares to the offer and that they will not support any rival offer that represents less than a 5% premium above Pan Pacific's offer. In the event that the transaction is not completed under certain circumstances, Regalito has agreed to pay Pan Pacific a termination fee of US$4.1 million.
Ross Beaty, Chairman of Regalito said, "Since September 2005, Regalito Copper Corp has worked with its advisors to seek a major mining company to acquire and develop the Regalito copper project. Pan Pacific is a fine company with extensive experience in Chile, and is fully capable of developing Regalito into one of the world's premier copper leaching operations. I fully support its offer to acquire our company and encourage all shareholders to do so as well."
Bear Stearns and ASSET-Chile acted as financial advisors to Regalito.
About Pan Pacific
Pan Pacific was established in October 2000 by Nippon Mining and Mitsui, and engages in a wide range of copper businesses including the procurement of copper concentrate, the production through tolling arrangement and the marketing of products such as refined copper, precious metals and sulphuric acid. With the acquisition of Regalito, Pan Pacific intends to become a fully integrated copper producer whereby it will mine, process and fabricate copper and copper products.
About Regalito
Regalito is a publicly traded copper exploration company that controls the Regalito copper leach project located in Region III, Chile approximately 115 kilometers southeast of Copiapo a major mining center. The Region contains numerous mining operations including the Candelaria and Mantoverde copper mines, and has the necessary infrastructure to support the development of a large-scale mining operation at Regalito. In 2004, the Company began an exploration drilling campaign that delineated a NI 43-101 compliant mineral resource of 628 million tonnes grading 0.43% copper in the measured and indicated category and 131 million tonnes grading 0.41% copper in the inferred category at 0.25% copper cut off grade. Subsequent to the delineation of the mineral resource, the Company has focused on evaluating the economic and technical merits of the project including completing a comprehensive metallurgical leaching test program and acquiring various surface and water rights.
REGALITO COPPER CORP
David Strang, President
This announcement is for informational purposes and is neither an offer to purchase nor a solicitation of an offer to sell securities of Regalito. At the time the formal offer is commenced, Pan Pacific will file take-over bid materials with applicable securities regulators and Regalito will file a solicitation/recommendation statement with respect to the take-over bid. The take-over bid materials, including the take-over bid circular, a related letter of transmittal and other offer documents, and the solicitation/recommendation statement will contain important information. Regalito's shareholders should read this information carefully before making any decisions about Pan Pacific's take-over bid. The take-over bid materials, certain other offer materials, and the solicitation/recommendation statement will be sent to all Regalito shareholders free of charge. In addition, all of these materials will be available free of charge on SEDAR at www.sedar.com and on the Securities and Exchange Commission's website at www.sec.gov.
NXG looks to have pretty good prospects,imo...LJ
African Copper Plc: Further Drill Results From Dukwe Extend The Mineralized Trend To The South; Metallurgical Drill Hole Results Demonstrate Vertical Continuity Of Grade
LONDON, UNITED KINGDOM--(CCNMatthews - March 2, 2006) - African Copper Plc (TSX:ACU)(AIM:ACU)(BSE:African Copper) -
- Drilling has moved into the southerly Bushman lens from the central Mapanipani lens at the Dukwe project. The first 2 drill holes from the southern part of the Dukwe mineralized packages have returned intersections that are typical of those found to the north, with narrow high-grade sections occurring throughout the broad breccia package.
- 7.30% copper over 3.12 metres and 2.48% copper over 7.06 metres contained within a larger intersection of 0.93% copper over 50.27 metres in the central Mapanipani area.
- 5.97% copper over 3.57 metres contained within 0.70% copper over 39.38 metres in the southerly Bushman area.
- 2.80% copper over 7.08 metres and 1.23% copper over 11.18 metres contained within a larger interval of 0.48% copper over 71.25 metres
- These results continue to demonstrate the geological continuity of broad mineralised zones, which has now been traced by the current drilling for 1,400 metres of strike extent.
- Sub-vertical metallurgical drill holes show vertical continuity of grade through the supergene parts of the mineralized zones.
The Dukwe deposit is known to exist over a strike length of 4,370 metres in five separately named sections which are continuous along strike except for slight displacements along post-mineral faults. The current 25,000 metre delineation diamond drilling programme is focusing on three of these sections covering a 2,000 metre strike length: Mapanipani North, Mapanipani and Bushman. The drilling programme is designed to increase the confidence of the resource estimate with the objective that Measured and Indicated Resources can be defined prior to the completion of a feasibility study for the sulphide portion of the orebody. The drill programme is being managed and supervised by RSG Global Pty Ltd., an independent contractor to African Copper Plc ("African Copper" or the "Company"). Metallurgical testing has confirmed that oxide, supergene and sulphide material can be recovered through conventional flotation to create a marketable concentrate (see press release dated 21 February 2006).
A final drill hole into the central Mapanipani zone has intersected further high-grade mineralization at a vertical depth of about 325 metres. Drilling intersected 7.30% copper over 3.12 metres and 2.48% copper over 7.06 metres contained within a larger intersection of 0.93% copper over 50.27 metres in the central Mapanipani area. This is one of the deepest holes drilled at Mapanipani, and continues to demonstrate that the semi-massive nature of mineralization that is contained within the broader, lower grade breccia package continues below the current level of drilling.
At the southerly Bushman zone, the first two drill holes have confirmed the continuation of mineralization to the south and have extended the drilled area a further 300 metres to the south. Like the northerly Mapanipani and Mapanipani North zones, the Bushman area shows similar high grade zones contained within a wide mineralized breccia package, with drilling having intersected 5.97% copper over 3.57 metres contained within 0.70% copper over 39.38 metres. Below this a second drill hole intersected 2.80% copper over 7.08 metres and 1.23% copper over 11.18 metres contained with a larger interval of 0.48% copper over 71.25 metres.
African Copper Plc: Locked Cycle Flotation Results Improve Recoveries at Dukwe
LONDON, UNITED KINGDOM--(CCNMatthews - Feb. 21, 2006) - African Copper Plc (TSX:ACU)(AIM:ACU)(BSE:African Copper) -
- Locked cycle flotation results have confirmed the amenability of oxide, supergene and sulphide ore to recovery within a standard flotation concentrator.
- Sulphide recoveries of 92% have been achieved at a coarse grind size of -150 microns producing a marketable concentrate that grades approximately 34% copper, 30% iron and 32% sulphur.
- Supergene recoveries have improved from previous tests with 86% recovery from a -150 microns grind. A combined oxide-supergene concentrate can be produced which grades approximately 30% copper, 14% iron and 11% sulphur.
- Preliminary Heavy Media Separation of run-of-mine sulphide material has shown a promising 84% recovery of copper-bearing minerals with a 7.5% mass pull. This result may have positive implications for lowering underground mining costs at the Dukwe Project through the utilization of bulk mining techniques of the primary sulphide zones.
- Milling characteristics show average work indices - standard crusher/ball mill configurations are suitable for grinding.
-The flowsheet for a concentrator has been finalized with 3-stage crushing followed by grinding and a two-stage floatation.
African Copper Plc ("African Copper" or the "Company") announces the following metallurgical results from the locked-cycle phase of testing on material from the Dukwe Project in northeastern Botswana. These tests were completed at SGS Lakefield Labs in Johannesburg and supervised by Senet CC, both independent of African Copper. These latest tests were designed to check the amenability of copper recovery to standard flotation techniques. On the basis of these results, African Copper has finalized the flowsheet for the flotation concentrator at the project.
Capital and operating costs for the concentrator option were released previously (see Press Release dated 10 January 2006). Permitting has commenced for the Dukwe Project, construction of the access road is underway, and the Company has secured secondary and tertiary crushers.
"These results improve upon the open-cycle tests by improving the copper recovery and increasing the grade of the concentrates. The concentrates are clean and of marketable quality. We expect to finalize off-take agreements shortly", commented David Jones, CEO of African Copper. "We are finalizing underground mine plans for the extraction of near-surface supergene material and the subsequent treatment through a concentrator. Supergene material is higher grade than the deeper primary sulphide mineralization and its early extraction should enhance the economics for Dukwe. "
Bench scale flotation and locked-cycle test results have demonstrated the amenability of supergene and sulphide ores to recovery within a flotation concentrator designed to recover both sulphide and oxide copper minerals. The material can be delivered to the mill as a combined feed with both oxide and sulphide mineralization treated together through sequential flotation. These results have been used as the basis for the process selection and forecast recoveries for the Dukwe Concentrator.
Grinding tests have shown that the supergene and sulphide material at Dukwe is of average grinding characteristics. Abrasion and Work Indices are shown in the table below:
----------------------------------------------------------------- Industry Average (as per SME Mineral Sulphides Supergene Processing Primary Handbook)-----------------------------------------------------------------Bond Abrasion Index 0.67 0.50 0.50-----------------------------------------------------------------Bond Ball Index 14.5 14.8 14.1-----------------------------------------------------------------Rod Mill Work Index 13.0 13.1 15.8-----------------------------------------------------------------
The individual recoveries of each type of feed are shown below. In the supergene tests, the selective leaching of the composite sample showed 26% oxide copper. The amount of oxide copper in the weathering profile decreases with depth, and this composite is believed by the Company to represent the average mill-feed over the first three years of planned mining. These tests were conducted using a -150 microns grind size. Further test work is underway to determine whether the grades of the oxide concentrate can be improved.
--------------------------------------------------------------------- Weight Assays, % Recovery, % ----------------------------------------------- % Cu Fe S Cu Fe S -----------------------------------------------Sulphide Composite Cu Concentrate 4.3 33.7 30.3 32.3 91.9 43.8 53.5------------------------------------------------------------------------------------------------------------------------------------------
Supergene Composite Sulphide Cu Concentrate 3.7 42.3 11.4 13.2 63.1 10.7 60.8 Oxide Cu Concentrate 3.4 17.2 15.8 8.5 23.2 13.5 35.6 ----------------------------------------------- Combined Cu Concentrate 7.1 30.4 13.5 11.0 86.3 24.2 96.4---------------------------------------------------------------------
Multi-element analyses conducted on the three types of concentrates indicate that all concentrates fall within acceptable smelter impurity limits for sales to a smelter.
Heavy liquid separation tests using a media with a specific gravity of 2.96 returned encouraging results. The coarse grained nature of the Dukwe mineralization results in very few fines produced during crushing and little copper is lost to slimes in this process.
The gangue minerals are essentially quartz, carbonate and graphite which readily float while the copper bearing minerals are essentially chalcopyrite and chalcocite which readily report to the heavy fraction. Preliminary testing on a crush size of 90% passing 1.7mm resulted in about an 84% recovery of copper to the heavies with a 7.5% mass pull from a sample of sulphide material that graded 1.47% copper. This result has positive implications for bulk mining of the deeper sulphide zones since a Dense Media Separation plant between the crusher and mill may provide a quick, inexpensive pre-concentration step. Bulk mining of the sulphide zones may result in lower mining costs, lower development capital and a reduced mining risk. Further Dense Media Separation studies are planned for the sulphide mineralization although initial underground mining of the supergene material will be treated through conventional flotation.
African Copper is a tri-listed (AIM, TSX, Botswana Stock Exchange) international exploration company. In addition to the Dukwe Project, the Company's other interests are the 4,000 sq km Matsitama exploration concession adjacent to Dukwe, which contains two known copper deposits and numerous base metal exploration targets. A technical report on the Dukwe Project and the Matsitama concession dated 5 May 2005 and entitled "Technical Report on the Dukwe Copper Project and Matsitama Prospecting Licences Botswana, Africa" can be found on SEDAR at www.sedar.com. African Copper has approximately 52 million shares outstanding.
Mr. Joseph Hamilton, P.Geo., and Chief Operating Officer of African Copper, is a "qualified person" as defined in Canada by National Instrument 43-101. This press release has been prepared under Mr. Hamilton's supervision. Mr. Hamilton has verified the data disclosed in this press release including the sampling, analytical and test data underlying the information.
This document may contain or refer to forward looking information, including metallurgical results, mine development plans, and timing of commencement of operations, and is based on current expectations that involve a number of business risks and uncertainties. Factors that could cause actual results to differ materially from any forward looking statement include, but are not limited to, the metallurgical recovery rates may differ from test results, failure to establish estimated resources and reserves, the grade and recovery of ore which is mined varying from estimates, capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and other factors. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and, except as may be required by applicable securities laws, we assume no responsibility to update them or revise them to reflect new events or circumstances.
Further information about our properties, to download a copy of our Annual Report, any technical report, or to access our Press Release Archive please visit www.sedar.com or our website at www.africancopper.com
Katanga Mining's Kamoto study nears the finish line
2006-02-16 16:58 ET - News Release
Mr. Arthur Ditto reports
KATANGA MINING LIMITED: KAMOTO JV FEASIBILITY PROGRESS
Katanga Mining Ltd.'s Kamoto feasibility study, under way since August, 2005, is nearing completion and the results of the study will be available on or before April 1, 2006. Katanga currently owns 23.33 per cent of Kinross Forrest Ltd. (KFL) and has an option to acquire the rest of KFL that in turn holds 75 per cent of the Kamoto joint venture (Kamoto JV).
Arthur Ditto, president and chief executive officer, reports from sites in Africa where the feasibility study is being prepared: "The study being prepared under the direction of Hatch's Johannesburg office is defining work and capital required to retrofit the mines and plants of the Kamoto JV. The retrofit will take place in four stages such that copper output is able to increase steadily during a four-year period to a sustained 150,000 tonnes per year.
"Mineral reserves and resources estimates for the Kamoto JV are being prepared in accordance with National Instrument 43-101. This work is well advanced and the report will be available shortly before the feasibility study is complete.
"Mine plans for the Kamoto JV developed during the study now incorporate a cemented tailings fill program that is designed to achieve 79-per-cent ore extraction compared to the historic open-stope methods approximate 54-per-cent recovery. This is expected to yield a significant improvement in the project economics. The Kamoto JV's existing underground installations such as the primary crusher, conveyors and hoisting facilities are in generally good to adequate condition. The mine dewatering system is sound although the primary clear water pumps will be replaced. Open-pit plans for the oxide zones in the study have shown an improvement in available reserves compared to prior expectations.
"Preproduction capital for the mines is principally needed for necessary mobile equipment.
"Capital requirements for the Kamoto JV concentrator are directed at replacement of flotation equipment, conveyor components, piping throughout the plant including the seven-kilometre concentrate lines to the Luilu hydrometallurgical plant and in plant electrical service. Major equipment such as grinding mills and the building structure are in reasonable condition.
"The Luilu hydrometallurgical facility requires the most work and capital for the first phase. It will also take the most time to prepare for production. Extensive repair of a roaster, leaching equipment, replacement of piping and electrical service throughout, replacement of filters in both the copper and cobalt circuits along with tank repair in the electrolytic circuits encompass majority of the work.
"Because of additional metallurgical testwork and industry process control improvements since the original plant design, certain equipment and process changes are incorporated into the retrofits at the Kamoto JV concentrator and Luilu facilities that are expected to result in modest recovery improvements.
"As capital and operating estimates are being refined, Katanga expects that capital requirements relative to production scale will be modest and operating costs per pound of copper produced will be low."
Rick Dye, the vice-president of technical services for KFL and a qualified person under National Instrument 43-101, has reviewed and approved the contents of this press release.
KLG Kalimantan cuts 1.28% Cu, 34 g/t Au over six m at Baroi
2006-02-15 08:17 ET - News Release
Ms. Doris Meyer reports
KALIMANTAN DRILL UPDATE - MINERALIZATION CONTINUING TO DEPTH
Kalimantan Gold Corp. Ltd.'s current drill campaign at its Baroi porphyry copper-gold-silver prospect, in central Kalimantan, Indonesia, is progressing well.
The drill program is testing three separate anomalous areas within the Greater Baroi area toward intercepting porphyry copper mineralization at depth.
The first area is the Far East zone (FEZ) where three geologic diamond drill holes are being drilled to depths of up to 600 metres. Two holes targeting low magnetism anomalies are complete and the third hole is under way, assays pending. These drill holes are giving the company its first look at the rocks and mineralization contained within the induced polarization anomalies that have been identified at these depths. Both holes intercepted zones of strong proplylitic and argillic-altered andesite volcanics that are weakly mineralized with lead, zinc and copper, and are clearly marginal to a mineralizing source. This was confirmed by the fact that near the bottom of one of these holes, 10 metres of dacite porphyry was intercepted that has been described as a potassically altered intrusion. Although this was barren of any mineralization other than magnetite, it is the right type of rock environment to host the mineralization responsible for the widespread high-grade mineralization found at Baroi.
The third hole is testing a different geophysical model at the FEZ. The target is more central to what is considered to be the main northwest-trending mineralized structure at the FEZ as defined by mineralization in drill holes BF 4, 5, 34, 8, 25, 9, 10, 11, 37 and 38. In addition to the structure location, IP anomaly and surface mineralization, the target is characterized by a vegetation anomaly. A vegetation anomaly is sometimes found over hydrothermal convection systems, where they form because of mineralization. Vegetation anomalies cannot be directly attributed to a causal agent; however, in concert with other geological, geophysical, geochemical data one can add a greater degree of certainty to possible exploration targets. The vegetation anomaly combined with the high-grade veins of BF5 and BF9 located to the north and south of it has long been a prime deep drill target. The location of hole four will be dependent on the results of hole three.
The Central and East zones of the Greater Baroi remain excellent targets for porphyry and high-grade polymetallic deposits. In this current campaign, using the company-owned drill; BC 08 was drilled into the Central zone to 290 metres to test a deep and very large IP anomaly. The phyllic alteration and mineralization progressively intensified to depth and may be followed by a deep hole depending on finances. The second and third 290-metre holes, BB 3 and BB 4, were drilled into the East zone geochemical and shallow IP anomaly. BB3 produced six metres at 1.28 per cent copper, 34 grams per tonne (g/t) silver; 13 metres at 0.4 per cent copper and seven g/t silver, and 15 metres at 0.19 per cent copper and seven g/t silver. BB 3 and BB4 finished at depth in very strong chlorite alteration with minor dissemination chalcopyrite. In addition three shallow holes, using the company's scout drill rig, have been drilled in the same East zone south of BB 03, all three holes intersected mineralization -- assays pending.
The drill program is confirming the company's belief that the Greater Baroi is a huge low-grade bulk tonnage target. The current drill program is upgrading and preparing the way for a major mining company to negotiate a favourable joint venture agreement.
Qualified person
All data, as disclosed in this press release, including sampling, analytical and test data, have been verified by the company's qualified person, Brad Wake, Baroi exploration manager.
Quality assurance
The company, in addition to its normal laboratory work with PT Indoassay Laboratories from Balikpapan, has established quality assurance procedures for sampling and assaying. This includes duplicate and reassay checks of samples with PT Intertek Utama Services, Jakarta, an internationally recognized laboratory.
ADGD posted a notice of late quarterly filing on Tuesday...Checked the box that they expect to file within 5 days of the due date...LJ
Thanks for the article.
mthead, don't be surprised if the snowstorm in the northeast US turns the platinum and palladium back up...LJ
Feb. 10, 2006, 2:38PM
Copper Stocks Slide on Weaker Forecast
© 2006 The Associated Press
NEW YORK — Metals investors ran with the bears Friday, chasing shares of copper and gold miners lower on concerns that a cycle of rising metal prices will slow down.
Prudential cut its investment rating on the copper industry to "Neutral" from "Favorable" on weaker-than-expected demand in the U.S., South Korea, Taiwan and Japan.
In a note to clients, analyst John C. Tumazos reduced his forecast for global copper consumption growth to 4 percent from 5.2 percent, as housing starts and auto production in the U.S. are expected to decline or stay flat year over year and demand weakens in Asia.
U.S. demand fell 5.5 percent in 2005, Tumazos _ faster than the 2 percent decline he had expected. Meanwhile, demand for copper dropped 8.9 percent in Taiwan, 7 percent in South Korea and 4.7 percent in Japan. However, copper demand jumped 11 percent in China and grew 2.6 percent in Germany, Europe's largest copper consumer.
The metal has seen increased competition from substitutes such as PVC for plumbing or aluminum for wiring, the analyst said.
Tumazos expects copper to run $2 per pound in 2006, which is still well ahead of the $1.08-per-pound average between 1987 and 1997.
Copper for March delivery dropped 8.05 cents to close at $2.2245 per pound on the New York Mercantile Exchange.
On Thursday, Goldman Sachs analyst J. Alberto Arias said he sees more evidence of an extended copper cycle ahead _ not less.
"Over the past two weeks, three major copper producers have cut their 2006 production guidance by 145,000 tonnes, which supports our view of a market deficit this year," he wrote in a note to clients Thursday.
The analyst forecast a "bull-case scenario" for copper prices at $2.12 per pound, with the price floor at $1.60. He noted that Phelps Dodge Corp. and Freeport McMoRan Copper & Gold Inc., in particular, are poised to benefit from copper prices anywhere in that range.
But investors sided with the bears Friday, and Phelps Dodge, the world's second-largest copper producer behind Chile's Codelco, saw its shares slide $5.38, or 3.6 percent, to $142.62 in afternoon trading on the New York Stock Exchange, after earlier changing hands as low as $139.50.
Freeport McMoRan followed Phelps Dodge down, losing $4.68, or 8.2 percent, to $52.15 on the NYSE, after earlier trading as low as $51.19. The stock was hit not only with investor worries on copper, but also gold, which closed down $14.30, at $550.20 per troy ounce, after the week's pull back from last week's $579.50 high.
Gold stocks were down across the industry. Among the biggest losers were shares of Newmont Mining Corp., which lost $1.40, or 2.5 percent, to trade at $55.13 and Harmony Gold Mining Co., which gave up 94 cents, or 5.4 percent, to $16.39 per share.
Palladium prices also fell, pulling down the stocks of companies in that industry. Palladium for March delivery settled down $19.90, at $284.65 per ounce.
Stillwater Mining Co., which mines platinum and palladium _ byproduct minerals include copper and gold _ saw its shares slip 36 cents, or 2.7 percent, to $12.93 on the New York Stock Exchange. North American Palladium Ltd. shares shed 62 cents, or 5.7 percent, to $10.18 on the American Stock Exchange.
No snow in the forecast for Peru...LJ
Don Coxe Copper comments...
http://bmoharrisprivatebanking.com/webcast.asp
Sherwood Copper revises Minto project resources
2006-02-07 15:32 ET - News Release
Mr. Stephen Quin reports
SHERWOOD CONFIRMS & UPGRADES RESOURCES AT MINTO PROJECT, YUKON; STILL MORE UPSIDE IN GOLD GRADES ONCE FEBRUARY DRILLING COMPLETED
Sherwood Copper Corp. is providing the results of an independent, National Instrument 43-101 compliant mineral resource estimate prepared for the Minto project in the Yukon. This new estimate incorporated the results of 39 holes drilled within the resource area in 2005 and is an interim step toward a final mineral resource estimate that will be completed following the February, 2006, drill program. As reported in Stockwatch on Dec. 19, 2005, this drill program will provide sufficient drill coverage to support the use of only newer (1993 and later) assays for estimating gold grades; the 1970s data suffer from a lack of gold assays and less accurate assay methods where gold assays are available. Sherwood estimates that use of the newer gold data only in estimating mineral resources could result in perhaps a 15-per-cent to 20-per-cent increase in gold grades, over and above those reported below.
"While essentially similar in total, this interim resource model is considerably more robust than prior models," said Stephen Quin, Sherwood's president and chief executive officer. "We eliminated some overly generous interpretations in prior estimates and now have a robust, geologically controlled estimate that we intend to build a minable reserve around," he said. "We are fortunate at Minto because the grade distribution should allow us to focus on the higher-grade areas in the early years of the mine life, targeting a head grade of 2.5 per cent to 3.0 per cent copper, with commensurately higher gold and silver grades. We have yet to fully address potential gold-grade increases within the resource model, which could further boost the gold grades above those reported below once the current drill program is completed."
Minto resource estimate
Mineral resources for the Minto project were estimated based on approximately 212 drill holes, including 39 holes drilled in 2005. The following table summarizes the mineral resource for the Minto project.
MINERAL RESOURCE FOR MINTO PROJECT
Mineral Average grade
resource Tonnes Cu Au Ag
category (000s) (%) (g/t) (g/t)
Main zone
Measured
and
indicated 7,790 1.90 0.60 7.9
Additional
inferred 30 1.26 0.83 6.9
Other zones
Measured
and
indicated 720 0.90 0.28 4.0
Additional
inferred 550 0.97 0.28 4.9
----------------------------------------
Total
Measured
and
indicated 8,510 1.81 0.57 7.6
Additional
inferred 580 0.98 0.30 5.0
========================================
I thought there needed to be a copper thread but I don't want to moderate it.
What no moderator? You trying to moderate your moderations Ed?
ADGD
That's what I call a penny stock
East Asia hits 59 metres of 3.51% Cu at Khok Adar
2006-02-07 10:39 ET - News Release
Mr. Lyndon Bradish reports
EAST ASIA MINERALS REPORTS NEW HIGH GRADE COPPER INTERCEPTS AT KHOK ADAR, INCLUDING 59 METRES AT 3.51% COPPER
East Asia Minerals Corp. has received assays from the first nine holes of a planned 43-hole resource definition drilling program on the EC-1 copper oxide deposit at its Khok Adar project in Bayan Ulgii province, Mongolia. High-grade copper oxide was encountered in several holes within the mineralized zone. Highlights are detailed below and include EC1-06 with 59 metres of 3.51 per cent copper and 12.4 grams per tonne (g/t) silver (including 24 metres of 7.24 per cent Cu and 24.0 g/t Ag); EC1-07 with 56.5 metres of 1.77 per cent copper and 19.0 g/t silver (including 17.3 metres of 4.82 per cent Cu and 36.0 g/t Ag) and EC1-03 with 49.95 metres of 1.22 per cent copper and 6.0 g/t silver (including 11.5 metres of 3.62 per cent Cu and 5.8 g/t Ag).
Hole From To Interval Cu Ag
No. (m) (m) (m) (%) (g/t)
EC1-01 0 105.77 105.77 0.49 3.0
incl. 26.7 40.5 13.8 1.39 5.6
incl. 78.75 81.9 3.15 1.59 1.7
EC1-02 0 54 54 0.76 5.0
incl. 5.3 13.3 8 2.37 11.8
EC1-03 30.3 80.25 49.95 1.22 6.0
incl. 32.3 43.8 11.5 3.62 5.8
EC1-04 5 44.2 39.2 0.72 3.0
incl. 10 14 4 3.05 1.0
incl. 34.7 38.2 3.5 2.13 2.0
EC1-05 0 18 18 0.5 41.0
incl. 8.5 12.5 4 1.08 10.0
EC1-06 0 4.4 4.4 1.86 6.0
and 38.1 97.1 59 3.51 12.4
incl. 38.1 62.1 24 7.24 24.0
EC1-07 0 56.5 56.5 1.77 19.0
incl. 0 17.3 17.3 4.82 36.0
EC1-09 11.4 90.3 78.9 0.58 7.0
incl. 23.4 29.4 6 1.22 55.6
incl. 47 53 6 1.29 7.3
incl. 56 70.2 14 1.21 4.0
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