Malaga MLG.TO huge news!!! PROFITABLE!!!Malaga Inc. ("MLG")(TSX:
MLG -
News) is pleased to report that it has received the last milling equipment it needs to process tungsten ore at a rate of 500 tpd at its Pasto Beuno mine in Peru. This production rate is now possible thanks to retooling and upgrading of the mill.
Since Malaga acquired the mine and mill in 2005, it has produced tungsten using equipment that had been there for many years. The processing capability was initially increased from 250 to 375 tpd through the complete renewal of the crushing circuit. In 2010, the addition of a rod mill, several new shaking tables and state-of-the-art control equipment further improved mill capacity and efficiency, which was recently tested at 480 tpd. A final, essential piece of equipment has now just been received after a delay of several months on the part of the supplier. This consists of high-performance magnets made from rare earths, with a magnetic field three times higher than traditional electromagnets. This latest piece of equipment, which will improve recovery rates and stabilize finishing line operations, will be installed within the coming days. Malaga will then be in a position to process 500 tpd of ore.
"We have reached an important milestone in our development with the increase in our ore milling capacity to 500 tpd, at a time when the APT price (the reference price for the sale of tungsten concentrate) has risen steadily since the beginning of 2010. The price has risen more than 56% from its low of 2009, to currently stand at $250 per MTU (metric tonne unit, or 10 kg) compared to $160/MTU. We plan to continue growing in 2011 toward a production rate of 750 tpd. We also expect to substantially step up exploration on certain high-potential areas of the property such as Consuzo and Huayllapon," said Jean Martineau, President and Chief Executive Officer of Malaga.