Rusina Mining
Rusina Mining N.L. is an active mining exploration company that is focused on the emerging Philippine mining sector. The Company has defined a JORC compliant resource estimate for nickel laterites at its Acoje tenement on the island of Luzon and will commence mining operations in the second half of 2007. The Acoje property also hosts chromite, nickel sulphides and platinum group metals. Rusina is listed on the Australian Stock Exchange, code RML and the London Stock Exchange (AIM) code RMLA.
Rusina Mining progressing heap leach trial, aims to reduce capital and cash costs at Acoje
Rusina Mining (ASX: RML; AIM: RMLA) has been notified by partner DMCI Mining it will suspend its current operations at the Company’s Acoje project on the island of Luzon in the Philippines due to low nickel prices.
Direct Shipping Ore (DSO) operations traditionally encompass the more volatile spot nickel market. Activities in the DSO market had all but stopped in June 2008 due to low nickel prices.
This will not affect Rusina's Nickel Heap Leach project plans. These have not been impacted by prevailing nickel prices. The heap leach project is based on the long term production of nickel. These have a low operating cost and remains very profitable at current and forecast nickel prices.
Rusina has a Definitive Feasibility Study (DFS) currently underway. The trial heap leach pad and pilot plant - part of the DFS - is now substantially complete.
Over the coming months 3,000 tonnes of crushed and agglomerated nickel laterite ore will be stacked on the pad and acid leaching will commence. The trial is based on full commercial operation parameters to prove the process on a full scale, environmentally friendly process.
Importantly, for the cost base, the Pre-Feasibility Study (PFS) of the project has been re-costed by China Tianchen Engineering Corporation, the construction engineers.
The capital cost of the project is likely to be significantly reduced based on the PFS in November 2008.
Rusina is also aiming to lower the current forecast cash cost of US$1.60/lb (before refining charges) and increase the end payable product. This would be achieved by reducing costs in downstream processing - which is critical to economic processing of nickel laterites.
These accomplishments would enhance the project economics and returns to Rusina shareholders.
Finally, Rusina will undertake further drilling which seeks to move additional JORC resources from Inferred to Indicated status. This will lengthen the proposed mine life and increase the Net Present Value from its present US$375 million.
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Other Rusina Mining articles
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18/12/08 Better news for Rusina Mining at Acoje
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04/11/08 Rusina has nice plump cushion to fall back on until cashflow resumes
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07/08/08 Rusina Mining is cashed up and knuckling down
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23/05/08 Rusina Mining - Cashflow now, cash cow tomorrow?
Other Rusina Mining news
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16/03/10 Rusina Mining boosts cash balance in H1 2009 with fundraising
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29/01/10 Rusina Mining maintains strong cash position
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13/01/10 Rusina Mining in discussions to resume shipments of nickel laterite from Philippines
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11/12/09 Rusina Mining and European Nickel open Acoje heap-leach trial pad and pilot plant in the Philippines
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25/09/09 Rusina Mining ticks another box at Acoje
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18/09/09 Rusina Mining receives strong investment from UK institutions, raises A$5.75m
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31/07/09 Rusina Mining says heap leach trial complete at Acoje nickel project, Philippines
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27/04/09 Rusina Mining has enough cash until late 2010
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13/03/09 Rusina Mining says continued to make progress in first half
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29/01/09 Rusina Mining cuts back all non-essential expenditure while JV partners continue