AI assistant
NEOMETALS LTD — Capital/Financing Update 2011
Jul 19, 2011
65430_rns_2011-07-19_a518baaa-b000-46c9-81ac-ddb437aacb21.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
==> picture [176 x 80] intentionally omitted <==
ALLMINE GROUP LIMITED
(ASX: AZG)
ASX and Media Release
20 July 2011
Reed Resources Limited (ASX:RDR) Barrambie Vanadium Project Update
Allmine Group Limited ( Allmine Group ) is pleased to announce that its wholly owned subsidiary Arccon (WA) Pty Ltd ( Arccon ), in conjunction with its alliance partner China Nonferrous Metal Industry’s Foreign Engineering and Construction Co. Ltd ( NFC ) has tabled the EPC budget estimate for the Reed Resources Limited ( Reed Resources ) Barrambie Vanadium Project, Western Australia (the Project ).
The total Definitive Feasibility Study estimate for the Project of A$629m includes A$50m for indirect (pre-production) costs and A$30m for a Ferro-vanadium circuit. The NFC / Arccon budget estimate is to an accuracy of +/- 7.5% and is subject to future cost escalation and foreign exchange movements. The total construction cost based on the NFC / Arccon budget estimate and holding constant the indirect, pre-production costs, amounts to A$489m.
The consortium of Arccon and NFC expects to deliver a final, fixed price EPC quote for the Project to Reed Resources in early August 2011.
A key term of Reed Resources Memorandum of Understanding with NFC / Arccon is an obligation on NFC to procure a debt terms sheet from Chinese financial institutions for at least 70% of the Project’s total funding requirement. Several indicative financing proposals have been tabled to Reed Resources to date.
Allmine Group will ensure that the market is fully informed regarding further developments as they arise.
Ends -
For further information contact:
Sophie Karzis Company Secretary T + 61 3 9665 0460 F + 61 3 9650 5571 M + 0409 540 827 E + [email protected]
About Allmine Group: Allmine Group Limited is a mining services business with a focus on the maintenance and repair of earthmoving machinery across principally Western Australia and the Northern Territory. Allmine Group operates service centres across Perth, Leinster, Karratha and Darwin. In addition to the service centres, the Allmine Group provides on-site labor hire and field service operations and sales of after-market earthmoving components across Australia and Fiji.
Allmine Group Limited ABN 68 128 806 271 5 Westside Drive, Laverton North 3026 Ph: +61 3 9314 1590
Fax: +61 39314 5696