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CASSIUS MINING LIMITED — Regulatory Filings 2012
Sep 17, 2012
64667_rns_2012-09-17_163e70b9-8bbb-4c40-b83c-bb1af0c5da7c.pdf
Regulatory Filings
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ASX ANNOUNCEMENT
18 SEPTEMBER 2012
OPERATIONS UPDATE
As previously disclosed, Gulf Industrials Limited (“Gulf” or “the Company”) (ASX Code: GLF) has been operating the Namekara Vermiculite project in Uganda at an annualised basis of 22,000 tonnes per annum.
The Company has been advised by Dupré Minerals Limited, a leading UK based vermiculite distributor and the purchaser of 100% of the offtake at Namekara, that difficult economic conditions in Europe indicated purchases of approximately 18,000 tonnes on an annualised basis which is 20% less than Gulf’s budgeted production this year.
The Company will therefore reduce its annual production to 18,000 tonnes per annum with immediate effect and will look to restructure and streamline operations to reduce costs at this lower production level. Gulf and Dupré would continue to work together to obtain new vermiculite customers both in Europe and worldwide to increase sales.
Further Information
Mark Arnesen, CEO Wayne Kernaghan, Company Secretary
t | +61 2 8247 5333 t | +61 2 8247 5333
Gulf Industrials Limited │ Level 10 Gold Fields House 1 Alfred Street Sydney NSW 2000 PO Box R745 Royal Exchange NSW 1225 Australia t +61 2 8247 5333 f +61 2 9247 7722
ACN 115 027 033