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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Oriel Res. | LSE:ORI | London | Ordinary Share | GB0034246743 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 121.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:4206F Oriel Resources PLC 19 November 2004 AIM : ORI PRESS RELEASE 19 November 2004 Oriel selects Bateman and ThyssenKrupp to play a major role in the development of the Shevchenko Nickel Project * Bateman has been appointed lead engineer to prepare the Definitive Feasibility Study on the Schevchenko Nickel Project * Bateman Project Finance will, together with Oriel, develop and execute a project financing scheme and identify suitable international arranging and underwriting banks and agencies with the support and assistance of ThyssenKrupp. * Bateman will manage a consortium of world class mineral resource consultants including Polysius, part of the ThyssenKrupp Group, Wardell Armstrong International and Mintek in executing the study. * ThyssenKrupp and Oriel have signed Letter of Intent committing ThyssenKrupp to take up to 100% of future ferronickel production. Oriel Resources plc is pleased to announce that, having received proposals from leading engineering consultants, they have selected and appointed Bateman Metals Ltd, South Africa, to carry out the Shevchenko Nickel Project Definitive Feasibility Study (DFS). Bateman was part of the team led by Mintek of South Africa that prepared the positive Preliminary Evaluation/Pre-feasibility study (PFS) on Shevchenko submitted to Oriel in September 2004. Bateman will specifically be responsible for all basic engineering and design for the smelting process, and infrastructure such as buildings and utility supplies, including pricing agreements and transport services. In addition, they will provide total capital and operating costs estimates to within DFS limits of -5%+10%, economic modelling, risk assessment, and management, project execution and scheduling plans. Oriel has instructed Bateman that the DFS implementation plan should maximise project construction on a lump sum turnkey (LSTK) basis. The DFS report will be completed during the 3rd quarter 2005. Oriel expects that, subject to a positive DFS, Bateman will undertake construction of the Shevchenko project and provide key initial operating personnel. The ThyssenKrupp Group, in addition to providing off-take guarantees, will be involved in equipment supply. Chief Operating Officer, Nick Clarke, commented, "the selection of Bateman was based on a number of factors but most significantly their world renowned technical expertise in ferroalloy-related processes and equipment, specifically in the design and construction of DC Arc furnaces, and previous operating experience within Kazakhstan." In parallel with the DFS, Bateman Project Finance undertook to prepare a financing scheme for the project in close co-operation with ThyssenKrupp Metallurgie. It will include gaining approval from export credit agencies and banks so that the necessary credit insurance cover and related debt service facilities will be suitable to Oriel. Should the DFS conclude that the project is viable and bankable, Bateman on a best endeavours basis will arrange the debt underwriting for the project. Bateman will be supported in the preparation of the DFS by a number of sub-contractors. They include Mintek, South Africa, for process testwork and flowsheet design and process modelling; Polysius, ThyssenKrupp Group, Germany, for milling, drying and calcining testwork and capital and operating costs; Wardell Armstrong International, UK, for ore resources/reserves, mine schedules, hydrogeological and geotechnical studies and the preparation of an Environmental Impact Assessment to international standards. ThyssenKrupp Metallurgie and Oriel signed a letter of intent guaranteeing to purchase up to 100% of future ferronickel production through an off-take agreement. In addition, they will be working closely with Bateman Project Finance and Oriel on preparation and implementation of Project Finance. Oriel will also be working closely with local Kazakh companies in drilling and ore sampling programmes, and will maintain close dialogue with the State Institutions to ensure the requisite Government approvals are obtained. Oriel is presently drilling on previously identified nickel ore occurrences within its existing licence area, in order to classify all resources to the internationally accepted JORC code, and will soon commence investigation of additional satellite nickel ore occurrences. Oriel expects to delineate ore resources sufficient for a mine life in excess of 25 years. The PFS was based on a 15 year mine life representing some 58% of the original Soviet classified ore resource. The Chairman and CEO, Dr Sergey V Kurzin said, "I am very pleased that we have appointed the internationally renowned Bateman, with support from an international group such as ThyssenKrupp, to act as our lead engineers and partners on the next stage of the development of the Shevchenko project. Their engineering track record and experience of working in Kazakhstan can only be positive for our nickel project. The additional financial services provided by Bateman Project Finance, with support from ThyssenKrupp, will run concurrently with the preparation of the DFS so that we expect this time next year we will be commencing construction on the Shevchenko site. " For further information, or to download the entire press release, please visit our website at www.orielresources.com or contact: Dr. Sergey V Kurzin svkurzin@orielresources.com Stephen R Dattels sdattels@orielresources.com 18 Upper Brook Street. * London W1K 7PU * England Telephone +44 (0) 20 7514 0590 Facsimile +44 (0) 20 7514 0591 Additional Information: Bateman Metals Limited and Bateman Project Finance operate under the Bateman banner with their head office in Amsterdam. Bateman has had extensive experience in providing Project Finance assistance and is presently engaged in projects to a value of #550M within Kazakhstan on power utilities and oil and gas pipelines and a further $40M on a ferrochrome project in Russia. Previous experience includes a total of $600M on gas related projects in Siberia, Turkmenistan and Uzbekistan. Bateman has offices in Asia, Africa, the Americas, Australasia, Europe and Almaty, Kazakhstan. Bateman serves the natural-resources industries internationally, including mining, minerals and metals processing, ferroalloys, mineral salts, fertilisers, chemicals, gas compression and crude-oil refining, environmental protection, bulk-materials handling and water and effluent treatment. The company has a market niche in developing regions with evolving economies. An important component of satisfying these market needs and securing new business is its ability to assist clients to raise project funding and arrange commercial agreements. Flexible contract structuring manages commercial risk. Bateman relies on its networked communications system to draw upon its global competencies to support its core project-management capability in the difficult and remote terrains and minimal infrastructure usually associated with the exploitation of wealth-creating products like precious metals, diamonds and gas. The group remains abreast of state-of-the-art process technologies through its contacts internationally. Additional information on Bateman can be found on their website www.batemanbv.com. ThyssenKrupp Metallurgie (TKMet) is a legally independent firm within the ThyssenKrupp Group a production and services company with a total annual turnover of approximately Euro36.1 billion and approximately 190,000 employees world-wide. TKMet purchase annually 50,000 tonnes of nickel for consumption in the stainless industry. The main concerns of its global activities are trading and distribution of ferroalloys and metals for the steel and chemical industries. It takes a significant part in supplying these industries and at the same time is a major partner of leading producers of raw materials worldwide. Additional information can be found at its website www.tkmet.com. This information is provided by RNS The company news service from the London Stock Exchange END AGRUWVWRSRRAAAA
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