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Ducra
Contributing Member
Joined: 09-Aug-03
Location: Norway
Posts: 11
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| Posted: 18-Apr-05 at 21:39 | IP Logged
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wass
ok, point taken;)
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Eman
Bronze Contributor
Joined: 16-Aug-03
Location: United Kingdom
Posts: 112
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| Posted: 19-Apr-05 at 10:01 | IP Logged
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So how long is it expected to take Minmet to make a decision on the Bj mine? I wouldn't want to buy now if it turns out in a month they come out an say they are going to mothball it.
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wass
Regular Contributor
Joined: 20-Dec-02
Location: United Kingdom
Posts: 75
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| Posted: 22-Apr-05 at 08:23 | IP Logged
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wheres Haakon gone? i hope he isnt lost in our big hole looking for something good,atb
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cat8x8
Contributing Member
Joined: 16-May-03
Location: United Kingdom
Posts: 21
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| Posted: 25-Apr-05 at 10:55 | IP Logged
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Someone must know something out there for the price has gone up rightly this morning.
Perhaps there could be a bit of news which aint as bad as anticipated by most.
Sure the finals are due soon. Anyone know the date for release ?
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cat8x8
Contributing Member
Joined: 16-May-03
Location: United Kingdom
Posts: 21
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| Posted: 25-Apr-05 at 11:02 | IP Logged
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I notice that Merrill Lynch World Mining Trust Plc is up this morning of which GoldFields is part of their portfolio !!
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741478
Member
Joined: 24-Dec-02
Location: United Kingdom
Posts: 2
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| Posted: 25-Apr-05 at 16:54 | IP Logged
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Minmet plc
Minmet Plc ('MinMet'or 'the Company')
MNT / Index: Dublin IEX / Sector: Mining & Exploration
25th April 2005
PRODUCTION UPDATE ON ACTIVITIES AT THE BJÖRKDAL GOLD MINE, NORTHERN SWEDEN
MinMet, the international mining and exploration group, reports production
figures for the three months period ending 31 March 2005 from its gold mine at
Björkdal in Northern Sweden.
Production Summary:
3 months ended 3 months ended 31
31 March 2005 March 2004
--------------------------------------
Ore processed - Tonnes 277,584 ; 296,852
Au Grade - g/t &nb sp; &nb sp; 0.74 ; ; 0.83
Recovery - % 85.9 85.2
Production - Au Ounces 5,673& nbsp; & nbsp; 6,786
Production - Au Kgs &nb sp; 176 .46 &nb sp; 211.06
During the first three months of 2005 management completed a full evaluation of
the Björkdal mining plan and the decision was taken for production to revert to
stockpile ore. This was to enable the Board re-evaluate the mining options
available, including the possible selective underground mining of high grade ore
shoots and also to consider the option of increasing throughput of ore to lower
the breakeven cut-off grade, prior to any further developments.
The in pit production was resulting in higher stripping ratios and lower than
anticipated gold grades, therefore the Company suspended in-pit mining at the
South East Extension and Pump House Corner in order to preserve the value of the
known reserves and resources for future exploitation. With the availability of
stockpiled ore the processing rate at the Björkdal mill continues at historical
levels. Current revised mine life based from available stockpile material only
is sustainable for a minimum of two years.
Various restructuring measures designed to enhance the cash flow situation at
Björkdal, by minimising cash outflows at the mine, have been successfully
implemented. These include some staff reductions and renegotiation of
longer-term supplier contracts. Efforts are also focussing on the exploration
potential of the Björkdal land package with the aim of a new satellite
discovery. Preliminary exploration has already identified a number of
prospective targets that the Board believes warrants further exploration.
Additionally, negotiations are underway with potential customers for crushed
rock, used in road building and production of tarmacadam, which can be produced
as a by-product from the existing crushing process. Progress is being made
towards an initial target to sell this type of aggregate material to the value
of SEK 1.5M in 2005.
Michael Nolan, MinMet CEO said: 'It is unfortunate, but not uncommon in mining,
that during the re-start of in pit mining operations that the anticipated ore
grades required to operate a mine at a profitable level are not achieved
immediately and that further definition drilling is required to add to the level
of confidence. This situation has occurred at Björkdal and we are implementing a
number of restructuring measures that are delivering significant cost savings
and will allow a new mine and cash flow model to be considered. We are examining
various mining options and corporate initiatives to develop the some 100,000 oz
of gold reserves and 500,000 oz plus of gold resources within the Björkdal mine
and surrounding exploration portfolio. In addition, we have recently had
tentative approaches concerning joint venture and third party corporate actions
over the Björkdal property and we continue to look at every option to achieve
shareholder value from this facility. We will update the market in this regard
should matters progress further'.
Issued on behalf of Minmet Plc by: St Brides Media & Finance Ltd., 46 Bedford
Row, London WC1R 4LR.
Contacts: Michael Nolan CEO, Minmet plc Tel: + 353 1 661 3309 Hugo de Salis St
Brides Media & Finance Tel: + 44 20 7242 4477
Web Site:
www.minmet.ie
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wass
Regular Contributor
Joined: 20-Dec-02
Location: United Kingdom
Posts: 75
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| Posted: 25-Apr-05 at 17:46 | IP Logged
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better than i expected and price rising steady last few trading days,things might not be as black as first thought,atb
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Perfect Choice
Gold Distinction
Joined: 20-Dec-02
Location: United Kingdom
Posts: 366
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| Posted: 25-Apr-05 at 18:04 | IP Logged
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Late 1.25M buy finished the day off nicely, explains that 550K M-trade.
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Fillyaboots Forums Archive : Minex Resources Forum
Topic: Minmet - A dead Duck?
