Robex Resources to suspend Nampala indefinitelyAS mentionned in my previous post : https://www.stockhouse.com/companies/bullboard/v.rbx/robex-resources-inc?postid=23010495
Somebody was aware again before the news!!!!!
Robex Resources to suspend Nampala indefinitely
Robex Resources Inc (C:RBX)
Shares Issued 283,675,539
Last Close 10/8/2014 $0.125
Thursday October 09 2014 - News Release
Mr. Rodrigue Gilbert reports
ROBEX RESOURCES INC. IS SUSPENDING THEIR OPERATIONS AT THE NAMPALA MINE
Robex Resources Inc. is suspending its operations at the Nampala mine for an undetermined amount of time.
Considering i) that new capital investments are necessary to make changes to the Nampala mill; ii) the time for fabrication, delivery and installation of necessary equipment for a profitable operations of the Nampala mine iii) the decrease in the price of gold; and iv) the risks and costs of surcharges related to geopolitical and health risks including the proximity of Ebola outbreaks, Robex's Board of Directors decided, during a special meeting of the Board of Directors, held on October 7, 2014, to suspend ore extracting activities in the Nampala pit. Robex will thus reduce the local and expatriates workforce to a minimum at the Nampala mine.
The Company's Board of Directors relied on recommendations from an independent expert report performed by the consulting firm Soutex Inc. which concluded that material changes have to be made to the mine installations to ensure profitability. The suspension of activities is necessary to preserve the mineral resources, reduce fixed costs and implement the action plan and recommendations of the expert report which aims to increase production to 4,000 t / d initially and 6,000 t / d at a later stage.
Several changes to the Nampala mill are recommended including:
-- replace the elution circuit for a Zadra type system under pressure; -- add a ball mill to process the coarse ore and add two to four CIL tanks. -- increase water resources; -- Change certain pieces of equipment such as the vibrating screens ahead of the rubbler.
The proposed improvements represent investments of around 12 million CAD. In order to make these improvements and achieve the goal of 4000 t / d Robex is currently seeking funding.
During the period that the activities are stopped, the Malian employees and expatriate team will be laid off except for the teams necessary to ensure the maintenance of the premises and equipment as well as the security of the site. However, Robex will continue to operate the gold room to extract the gold accumulated in the carbon from the CIL tanks. The activities at the head office in Quebec are maintained and employees remain in office.
Robex's Board of Directors also approved the creation of a revitalization committee with a mandate to prepare a recovery plan and business continuity during the period of suspension of operations at the mine. The revitalization committee must report to the Board no later than October 24, 2014 to determine how the upgrades planned and ongoing operations could be funded and to identify new sources of capital.
We seek Safe Harbor.
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