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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Monto Options | LSE:MONO | London | Ordinary Share | AU0000MOOAM3 | OPTIONS TO SUB FOR ORD |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS Number:1345L Monto Minerals Ltd 27 October 2006 27 October 2006 LSE ANNOUNCEMENT FIRST QUARTER ACTIVITIES AND CASHFLOW REPORT 2006/2007 FOR THREE MONTHS TO 30 SEPTEMBER 2006 COUNTDOWN TO PRODUCTION...... Construction commenced at the Goondicum Industrial Minerals Project * Site works commenced at Goondicum * Fixed price EPCM contract agreed * Trial plant production of additional bulk samples for commercial testing completed * In October - Water Transport Agreement signed and water licence granted Construction of Monto Minerals' $50 million industrial minerals project commenced during the quarter at Goondicum near Monto in central Queensland. Earthmoving equipment moved on to the Goondicum site in August and commenced site works including land clearing and earth works for the plant site and tailings facility. The project comprises an open cut mine and processing plant. R.J. Robbins & Associates (Robbins) will provide engineering, procurement, construction management and commissioning services to the project under a fixed price EPCM contract. The contract includes bonus/penalty arrangements as an incentive for project completion on time (April 2007) and within budget ($39 million). Roads, tailings dam and working capital comprise the remainder of the estimated $50 million project cost. In October, Monto entered into a Water Transport Agreement with the Queensland Government's SunWater for the transport of water to the Goondicum Project, and the necessary water licence was approved. Under the Agreement, SunWater will build, own and operate a 35km pipeline to transport water to the Goondicum project from Monto's bores in the Mulgildie Basin to the west of Monto. A cultural heritage survey of routes for power, water and access road to the Goondicum mine site has been completed as a precursor to construction or upgrade of these services. Dakiel feldspar wash plant An Environmental Authority for the Dakiel feldspar plant and rail loading facility was granted in October and a Plan of Operations for the site has been completed. Approval of the Plan of Operations is expected in the December quarter. The Monto Shire Council has commenced the upgrade of the road connecting Goondicum and the Dakiel plant. Initial clearing has been completed and drainage works commenced. Trial Plant Activity Operation of the trial processing plant at Goondicum ceased during the quarter once the production of bulk samples for commercial testing had been concluded. Production of a 50-tonne bulk sample of titanomagnetite was completed. Initial pilot scale trials have demonstrated that the titanomagnetite product could be used to effectively wash coal. The sample will be used in full scale testing as a coal washing agent in a commercial plant later this year. Goondicum is close to Queensland's premier coal mining region where there are significant potential customers. The plant also produced a 5-tonne sample of apatite for further customer trials in the manufacture of organic fertiliser. The trial plant has now been placed on care-and-maintenance. Marketing Progress Commercial development of the Goondicum deposit is based on the sale of the project's multiple products. Marketing continued during the quarter on each of the product streams - feldspar for use in glass making, paint manufacture and as an industrial abrasive; ilmenite for manufacturing white pigment used in paint, paper and plastics; and apatite as fertiliser, with a fourth mineral, titanomagnetite, now being tested as a coal washing agent. Since completing the AIM listing in May of this year, Monto has revisited all parties who had provided conditional purchase commitments and have confirmed their intentions to sign off-take agreements in due course. Further marketing opportunities for Goondicum's high value ground feldspar product have been identified in Europe and USA together with potential ilmenite markets in Japan and Europe. Commercial testing and evaluation of ground feldspar are continuing in the UK with encouraging progress. Testwork is due for completion by the end of 2006. Investigations will continue into logistics and costs for delivering ground feldspar to markets in Europe and the USA. Outlook Commercial production and supply of the project's various industrial minerals are scheduled to commence by the middle of next year. Planned project activities for the December quarter: * Concrete works for the Goondicum processing plant are expected to be completed * Construction works at the Dakiel feldspar wash plant to commence following approval of the site Plan of Operations * Commencement of full scale testing of the Goondicum titanomagnetite product as a coal washing agent in a commercial plant. Paste the following link into your web browser to download the PDF document related to this announcement: http://www.rns-pdf.londonstockexchange.com/rns/1345l_-2006-10-27.pdf Enquiries to: Geoffrey Moore Monto Minerals Ltd +61 (0)7 3034 3100 Richard Brown Ambrian Partners Limited 020 7776 6400 This information is provided by RNS The company news service from the London Stock Exchange END QRFKGMZGNNDGVZG
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