Zinc reserves....s/p down again in Euro Zinc Proven and Probable Mineral Reserves at Neves-Corvo have been reduced from 42.6 million tonnes to 23.1 million tonnes reflecting: The zinc cutoff grade for reserve reporting being increased from4.3% Zn to 5.0% Zn as a result of changed assumptions on by-productcredits and operating cost trends. Zinc Reserves from Lombador Phase II being re-categorized toMeasured and Indicated Resource status pending the completion of astrategic overall property underground materials handling study.
I'm no geologist but after looking at another 7.5% hair cut yesterday in Euroland I have a feeling that this may have something to do with the drop. Yes the markets there were very weak but Lundin really took it on the chin again and this is the only recent news. It's early here , 10am and it opened down again but has since recovered a bit. (up .09) Hopefully it will move higher as the day goes on. On brighter note copper is holding above $9000.0 a ton the news on those reserves was very positive. S/P mover will be the results from Semblana due out before year end.... "The Semblana discovery has not been reflected in this Mineral Resource estimate. Resource delineation drilling continues with four rigs and aninaugural resource estimate for Semblana remains on schedule for yearend."