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Spinifex Ridge Mo\Cu
Located in the Pilbara region of Western Australia, Spinifex Ridge is fully permitted and ready for immediate development.
Hanlong’s commitment to procure a US$500 million Project Finance Loan Facility for the development of the Spinifex Ridge Molybdenum Project by 30 September 2010 provides the platform to launch the world’s first major molybdenum project in over 25 years.
The Company initially planned to develop and operate a 20 million tonne per annum open pit mining operation and processing plant. Subsequent to a dramatic fall in Molybdenum prices in late 2008, the Company announced the results of a smaller 10 million tonne per annum development case with future expansion to the 20 million tonne per annum case.
Spinifex Ridge Molybdenum Project Highlights;
• Definitive Feasibility Study completed
• 10 million tonne per annum expandable to 20 million tonne per annum project
• Fully costed and defined from deposit to steel mill
• Environmental permits in place
• All mining leases granted
• Native title agreements in place
• Long Lead items received
• Key operating agreements in place
• 10Mtpa Process design work underway
• Copper by-product credits
• Tolling agreements and strategic alliance in place with Molymet, the worlds largest independent processor of Molybdenum concentrates
• Offtake agreements in place over 100% of Mo production
• 10Mtpa - 11 million lb Mo per annum, 13.5 million Ib Cu per annum
• 20Mtpa - 24 million lb Mo per annum, 27 million Ib Cu per annum
• Low risk execution and construction, ideal location
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JORC / NI43 - 101 classification
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Mt
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Mo%
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Cu%
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Ag g/t
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|
Measured resources
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206.8
|
0.06
|
0.10
|
1.5
|
|
Indicated resources
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445.4
|
0.04
|
0.07
|
1.1
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TOTAL
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652.2
|
0.05
|
0.08
|
1.3
|
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Inferred resources
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399.0
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0.04
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0.07
|
1.1
|
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Proven reserves
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199.7
|
0.06
|
0.10
|
1.5
|
|
Indicated reserves
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251.1
|
0.04
|
0.07
|
1.1
|
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TOTAL
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450.8
|
0.05
|
0.08
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1.3
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