Natasa Withdraws From Chilean Copper Project
JUNIOR explorer Natasa Mining has withdrawn from its 95%-owned flagship project in Chile, after a feasibility study established the project resource was not large enough to warrant a capital investment.
In the company's quarterly report released late last month, it announced the feasibility study on the Puqios copper project had been halted while a project review was carried out.
This revealed the tonnage and contained copper in the feasibility study was lower than the figures in the 2007 prefeasibility study.
The project has a resource of 21.8 million tonnes grading 0.67% copper, representing a 27% decline in tonnes, an 18% increase in copper grades and a 14% decline in contained metal.
The study estimated the project to have a capital cost of $US109 million ($A168 million) to produce 15,000t per annum of copper cathode over a mine life of 4.5 years.
Sydney-based Natasa said the project would need to revert to exploration status to identify resources for at least another three years of mine life.
In the September quarterly, the company said it was in discussions with the mining title holder to renegotiate the final option payment, due in November 2008.
Natasa said today the negotiations to alter the exercise terms of the option to take into account the slump in copper prices, have been unsuccessful.
"Accordingly, the company has withdrawn from the project, although it retains ownership of a large area of exploration titles surrounding the Puqios project area," Natasa said.
The company, which is listed on the Australian Securities Exchange and London's Alternative Investment Market, said the carrying value of the project will be fully impaired in the financial statements for the year ending December 31, 2008.
Natasa said it has cash resources and receivables, net of debt, amounting to $47 million.
Shares in Natasa Mining were 5% or 6c down to $1.05 on the ASX this morning.
Related Tags: mining, cnmining, china mining
http://www.cnmining.org/news/?id=323
Your Article Search Directory : Find in ArticlesRecent articles in this category:
- Traffic - The Most Crucial Thing in Business
Whether you are involved (or thinking of becoming involved!) in an online or an offline business, th - Work At Home Based Business-with A Mentor By: Cris J
To the beginner who has a desire to start working from home on their computer, heed this advise- Fin - How To Earn Money Easy From Home
With IPC, they have put a 5,000.00 Reward on their program! I have never seen any other program ever - Chiropractic Marketing and Pay Per Click
If you don't yet have an Adwords account, here's a what you should do to get started.How To Setup A - Marketing, Go from 0 to 2000 Web Visitors per day in a Month's Time
You just unveiled your new blog on your experiences as a widget user. You are the widget exper - 3 Tips to Market Successfully Online
When I started my online marketing career several years ago, I remember the countless hours I spent - How SEO Can Help Your Website Get Massive Amounts of Traffic
If you are someone who is looking to make money online, you know that it is all about getting good t - Earn By Outsourcing
Outsourcing is something that few people new to the internet know about. It is what makes the truly - Make Money At Home Within 24 Hours!
IPC Instant Cash program will reward you 5,000 dollars if you follow its promoting plan and do not e - Marketing, I Want to Make my Website More Popular
You have finally done it. You put the finishing touches on your website. It is built with the
Most viewed articles in this category:
- Adsense Is Making Me Rich
I want to talk to you about the power of Google AdSense and how you can use it to generate not hundr - How to Increase Your Business Using the Esoteric Science of Radionics
As a small business owner, there are an amazing number of difficult skills I need to master so my bu - 14 Top Lead Generation Tips
According to former Harvard Business School professor David Maister, typical marketing practices are - More Marketing Dope
Direct marketing can make you very successful, but you’ve got to understand the basics. Here a - The State Of Paid-To-Surf Programs Today
What a difference a year can make. 12 months ago, auto surf programs were at their peak. More an - Is Adsense A Good Idea?
For many webmasters, Google AdSense has become a great revenue generator. Since the program pays th - Should You Open Up An Ebay Store?
Ebay has provided some amazing opportunities for many people to earn online. This widely popular au - The "Coat Of Arms" Revisited
Recently I listened to a interview with Mark Joyner and Gary Halbert about Gary's famous "Coat of Ar - Brand Loyalty
It's a challenge getting consumers to remain loyal to a particular brand. Unlike the good old days w - The Hottest Affiliate Ebooks Out in the Market Today!
Affiliate Project X is a great affiliate marketing ebook. Totaling only 50 pages you could have your
