Redbank Copper limited

NEW COPPER DISCOVERY

 

 

Highlights

·         New breccia pipe with surface grades to 29.7% copper

·         XRF results include highly anomalous tellurium values

·         Geology suggests a possible larger mineralised system, and high likelihood of further discoveries

 

High grade copper developer, Redbank Copper Limited (ASX: RCP) has made a new copper discovery at its Copperado prospect in the Northern Territory, which it is exploring as part of a 50/50 Joint Venture with global commodity supplier Glencore International.

 

The new breccia structure was discovered during field reconnaisance of the south-west corner of EL24654, with early sampling returning results up to 29.7% copper in rockchips.

 

The Copperado prospect forms part of Redbank’s 3,700km² landholding in the NT’s McArthur Basin region. It is located approximately 16km northeast of the Redbank mine site and infrastructure (see tenement map below).

 

Redbank Managing Director Bruce Morrin said the discovery was an exciting development, and reaffirms the Company’s view that the region holds strong exploration upside.

 

“This is significant in terms of the area’s prospectivity, and we believe there is a high likelihood of discovering further breccia pipes through ongoing field reconnaissance,” Mr Morrin said.

 

“The metallogeny of the prospect could be indicative of a larger system, and we will be undertaking follow-up exploration as part of our 2010 drilling program.

 

“Our focus remains on ongoing exploration to boost the Redbank resource base, while also progressing the planning and development activities for a copper producing operation in line with our mine plan,” Mr Morrin said.

 

The new outcrop was identified during a soil sampling program supported by portable Niton XRF, when rockchip samples returned intial values to 8.6% Cu.  Further sampling returned samples to a maximum of 29.7% Cu and 7.5% Cobalt, along with highly anomalous levels of Tellurium. 

IMF Announces Sale of 10 Metric Tons of Gold to the Central Bank of Sri Lanka

November 25, 2009

The International Monetary Fund (IMF) announced today the sale of 10 metric tons of gold to the Central Bank of Sri Lanka. The sale was conducted on the basis of market prices prevailing on November 23, 2009 with proceeds equivalent to US$375 million (SDR 234 million). This transaction is part of the total sales of 403.3 metric tons approved by the Executive Board in September 2009 , and it adds to the total of 202 metric tons already sold to the Reserve Bank of India and the Bank of Mauritius .

As previously announced , in accordance with the guiding principle of avoiding disruption of the gold market, the IMF’s Executive Board adopted modalities for the gold sales consistent with guidelines it had earlier established. In particular, the Fund is standing ready for an initial period to sell gold directly to central banks and other official holders that may be interested in such sales. Thereafter, on-market sales of any amounts remaining from the 403.3 tons would be conducted in a phased manner over time, following the approach adopted successfully by central banks participating in the Central Bank Gold Agreement.

As previously indicated, the Fund will inform markets before any on-market sales commence, and will report regularly to the public on progress with the gold sales.

Winterkorn and Pötsch join Board of Management of Porsche SE

 

Wolfsburg, November 25, 2009 – Prof. Dr. Martin Winterkorn, Chairman of the Board of Management of Volkswagen Aktiengesellschaft, and Hans Dieter Pötsch, Member of the Board of Management of Volkswagen Aktiengesellschaft responsible for “Finance and Controlling”, will join the Board of Management of Porsche Automobil Holding SE effective November 25, 2009. They will exercise these duties in addition to their functions on the Board of Management of Volkswagen Aktiengesellschaft. Prof. Winterkorn will become CEO, Pötsch will assume responsibility as CFO.

 

The conditions for their appointments at Porsche were met when the Supervisory Boards of both companies approved the contracts of implementation relating to the comprehensive agreement on the creation of an integrated automotive group with Porsche. These contracts specify the binding provisions governing the organizational, structural and legal details of the union between the two companies.

 

Approval of the contracts of implementation marks a further important step towards an integrated automotive group with Porsche which is to be completed during the course of 2011. The next milestones are a 49.9 percent participation of Volkswagen in Porsche AG which is planned for realization by the end of 2009, and the Extraordinary General Meeting of Volkswagen AG on December 3, 2009.

 

Prof. Dr. Winterkorn commented: “All major issues concerning the creation of an integrated automotive group have now been settled. By 2011, we will have joined forces to form a new, strong group with an unparalleled model range and the highest technological competence. We are seizing a unique strategic opportunity for all parties. With the integration of Porsche, Volkswagen is systematically continuing its successful multi-brand strategy. Porsche will benefit from new, additional openings for growth.”

New President at Plannja

As from January 1, 2010, Per Olof Stark assumes the position of President of Plannja AB.
Per Olof Stark is currently Head of Marketing at SSAB Plate in Oxelösund.

The current President of Plannja, Anders Berg, will take up the position of Head of Supply Chain in the APAC (Asia and Pacific) business area as from January 1, 2010 and will be stationed in Shanghai, China.

At the same time, Karl-Gustav Ramström, currently Head of Division, SSAB Plate, will become the new Chairman of the Board of Plannja AB. As from January 1, 2010 Karl-Gustav Ramström will hold the position of Group Head of Marketing and Business Development and Head of Marketing for the EMEA business area. Karl-Gustav Ramström replaces Mikael Nyquist as Chairman of the Board of Plannja.

Other directors comprise, as previously, Anna Vikström Persson, Mikael Nolborg and Per Bondemark. Marco Wirén is leaving Plannja's Board.

Mikael Nyquist and Anders Berg will continue to act in an advisory capacity to the Board and President of Plannja.

Plannja AB is a wholly-owned subsidiary within the SSAB Group and is one of Europe's leading brands within processed strip products for the construction market.

For more information please contact Tommy Löfgren, director for external communications,
Tel. +46 70-525 9414.

SSAB is a global leader in value added, high strength steel. SSAB offers products developed in close cooperation with its customers to reach a stronger, lighter and more sustainable world.

SSAB employs 9200 people in over 45 countries around the world and operates production facilities in Sweden and the US. SSAB is listed on the NASDAQ OMX Nordic Exchange, Stockholm.

Rio Tinto seals sales agreement with IOH, enters exclusive agreement to negotiate for Iron Valley deposit

  

Rio Tinto Iron Ore chief executive Sam Walsh has welcomed the agreement reached with Iron Ore Holdings (IOH), enabling the sale of ore from IOH’s Phil’s Creek deposit to be sold to Rio Tinto under an innovative mine-gate sale process.

Under the agreement, commercial terms for which have now been agreed, up to 1.5 million tonnes will be delivered annually to Rio Tinto, who will then transport it to the coast for shipment as part of Rio Tinto’s product suite.

Rio Tinto has also agreed to enter an exclusive agreement with IOH to examine its Iron Valley deposit, situated approximately 10km NE from Rio Tinto’s Yandicoogina operation, that may lead to the purchase of part or all of the lease covering the deposit.

“This is a significant development for Rio Tinto, IOH and the Pilbara generally. It is a prime example of how a major established producer and a small, progressive junior can work together to achieve an excellent outcome for all stakeholders,” Mr Walsh said.

”Without this deal, the benefits flowing from the development of the isolated Phil’s Creek deposit would be denied to the respective shareholders and to the community of Western Australia.”

“Rio Tinto welcomes the opportunity to also examine the larger Iron Valley deposit and establish whether it can be best developed within our integrated system of 11 mines, 1,300-kilometre rail network and three ports in two locations.”  


About Rio Tinto
 
Rio Tinto is a leading international mining group headquartered in the UK, combining Rio Tinto plc, a London and NYSE listed company, and Rio Tinto Limited, which is listed on the Australian Securities Exchange.
Rio Tinto's business is finding, mining, and processing mineral resources. Major products are aluminium, copper, diamonds, energy (coal and uranium), gold, industrial minerals (borax, titanium dioxide, salt, talc) and iron ore. Activities span the world but are strongly represented in Australia and North America with significant businesses in South America, Asia, Europe and southern Africa.

50 Million Rupees for PPP Training of Officials

The German Government’s Development Bank KfW and the India PPP Capacity Building Trust (I-Cap), signed an agreement on 23 November 2009 to develop a National Public-Private-Partnership (PPP) Capacity Development Programme. The German Government through KfW will provide a grant of Euro 700,000 (approx. Rs 50 million) to support the programme. The agreement was signed in the Ministry of Finance in the presence of Mr. Govind Mohan, Joint Secretary, Department of Economic Affairs, Ministry of Finance.

Given the huge investments required in upgrading urban infrastructure, the Government of India has made using Public Private Partnerships (PPPs) a vital component of the national strategy for infrastructure development. One of the bottlenecks identified by the Government in using PPPs in infrastructure is the lack of familiarity and detailed know-how of officials at different government levels to properly conceive, develop and implement PPP projects. The National PPP Capacity Development Programme is aimed at overcoming this bottleneck. This programme will improve the knowledge and skills of up to 4,000 officials at different levels of Government on the use of PPPs by setting up a training system for PPP.

The National PPP Capacity Development Programme will be implemented in two phases and is expected to be completed at the end of 2012. The first phase, lasting about 22 months, will create the necessary capacity for carrying out PPP training in a number of institutions through a process of training needs assessment, curriculum design and content development, a training of trainers programme and the roll-out of training programmes. This will be followed by a second phase of about 15 months. The German Government through KfW will provide financial support for Phase I of the programme. I-Cap will be the project executing agency for the programme.

About I-Cap: I-Cap has been set up as an initiative supported by Infrastructure Development Finance Company Ltd. (IDFC) with the objective of providing capacity building and project development services to government departments and undertakings (including urban local bodies) across the country. It has provided project development and advisory services in areas as diverse as water supply, solid waste management, urban transport (including mobility studies), industrial and commercial infrastructure, minor airports and urban renewal. It has also conducted capacity building programmes on PPPs for officials of Government departments and municipal level officials in a number of states and at the centre.

About KfW: German Financial Cooperation is channeled through KfW, which acts as the implementing agency on behalf of the German Government. KfW Development Bank is part of the KfW Bankengruppe, one of the largest banks in Germany.

Germany and KfW are longstanding partners of India. Since the 1950s, more than Euro 8 billion have been sanctioned by KfW, mainly in the fields of energy, financial sector development, health, and sustainable use of the environment and natural resources. The main objective of the German Government is to work together with the Indian Government in facilitating inclusive growth, reducing poverty and meeting the Millennium Development Goals.

Anchor announces antimony resource

More drilling planned

MONDAY, 23 NOVEMBER 2009

 

Anchor Resources Limited (ASX Code: AHR) is pleased to announce that the resource estimation for the Wild Cattle Creek antimony deposit, following Anchor’s maiden drilling program, is now complete. Additional drilling is now being planned to enhance and expand this resource.

Highlights

 

• Current resource of 17,500t of contained antimony metal (at 0.5%Sb cut-off)
• Anchor drilling extended the main zone resource >120m down plunge
• Further data is required to incorporate gold-tungsten into main zone resource
• New antimony-tungsten peripheral stringer mineralisation not yet included
• Planning of next drill phase is well advanced

 

Managing Director, Trevor Woolfe, commented that “The antimony resource resulting from our recent drilling program provides a strong base for further resource expansion drilling in the New Year. Additional work will also be done to quantify the economic potential of antimony-tungsten-gold mineralisation within, and adjacent to, the main zone.”