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Name | Symbol | Market | Type |
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iShares US Fundamental Index ETF | NEO:CLU | NEO | Exchange Traded Fund |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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-0.11 | -0.21% | 51.20 | 51.26 | 51.32 | 51.20 | 51.20 | 51.20 | 904 | 21:00:00 |
RNS Number:7640L Cluff Mining PLC 02 June 2003 CLUFF MINING BLUE RIDGE PROJECT PROGRESS REPORT Cluff Mining PLC ("Cluff or "the Company") announces an update on progress at its Blue Ridge Platinum project on the eastern limb of the Bushveld Complex of South Africa and in particular in relation to the feasibility study. The Company has submitted a mining licence application to the Department of Minerals and Energy to authorise development of a 1.6 million tpa operation at Blue Ridge which is likely to result in a mine producing around 140,000oz pa of 6PGE. Interpretation of the geology and modelling of the PGE bearing reefs was carried out using data from 80 boreholes as well as regional geophysics over the Blue Ridge area, identifying an area of faulting in the southern part of the property. The Company commissioned a high definition aeromagnetic survey the interpretation of which was received in May. This enabled the quantification of the level of faulting and its effect on the proposed mine layout and has recently been augmented by further dip and strike trenching to confirm the nature of the affected areas. The mine planning process has incorporated the structural analysis referred to above and this has indicated that the mining rates originally envisaged will not be sustainable using the UG2 reef alone throughout the 20 year life of mine. Recent metallurgical testwork and mine design, however, has demonstrated that the mining of higher grade areas of the Lower Chromitite Zone (the "LCZ") in conjunction with the UG2 will partially offset this reduction and, given the shared infrastructure, optimise development costs. As previously reported, the LCZ lies 5-11 metres beneath the UG2 and averages 2.5 metres thick and contains four chromitite layers with a cumulative width of 0.8 metres. Testwork has shown that the dense chromitite can be separated from the internal waste using dense media separation. This yields a product of approximately 3.7 g/t 6PGE+Au with a platinum:palladium ratio of 3.4:1. The LCZ pre-concentration process is currently being confirmed by pilot plant testwork at Mintek. The incorporation of the LCZ in the Blue Ridge mining plan could provide a minimum of 10% of the mill feed together with additional flexibility to the scheduling of the mine and the robustness and sustainability of the operating rate. The addition of the LCZ, together with the acquisition of a contiguous property earlier this year, which provided additional strike length and dip extension, has made it possible to plan a mine with a 20 year life. The revised mining plan has been adjusted from the originally targeted rate of 2.2 million tonnes milled per annum to 1.6 million tonnes milled producing approximately 140,000 ounces 6PGE per annum. The economic analysis of the project using the revised production model at current PGE prices is sufficiently promising for the Company to proceed to finalise the feasibility study on this basis. The revised scope with the inclusion of the LCZ will result in the feasibility study being completed in the fourth quarter of this year. The Company has accordingly submitted an application to the Department of Minerals and Energy for a mining authorisation at Blue Ridge. Mr J.G. Cluff said today "We are currently assuming that the mine at Blue Ridge would bear the full royalty rate of 4% on revenue recently proposed by the South African government. There is wide ranging objection to the current proposals and any reduction in the rate or how it is applied to new projects would have a significant positive effect on the economics." "At Sheba's Ridge the phase II drilling programme continues with eight rigs currently drilling on site. I intend to give a full update on all the exploration projects at the Company's annual general meeting on 24th July 2003." 2 June 2003 ENQUIRIES: Cluff Mining PLC J.G.Cluff (Chairman & Chief Executive) Tel: +44 20 7495 2030 T.A Wilkinson (Group Operations Director) Tel: + 27 11 884 8666 College Hill Associates Mark Garraway Tel: +44 20 7457 2020 This information is provided by RNS The company news service from the London Stock Exchange END MSCILFEREIIIVIV
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