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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Gvm Metals | LSE:GVM | London | Ordinary Share | AU000000GVM1 | ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 72.81 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:6462I GVM Metals Ltd 28 November 2007 ANNOUNCEMENT 28 November 2007 -------------------------------------------------------------------------------- GVM METALS LTD ("GVM" or the "Company") PROJECT UPDATES Since the last trading update released on 10 September 2007, the Company is pleased to announce that significant progress has been made towards the development of the Company's coal projects in South Africa. An update on work in progress and of that planned on each project is set out below: Baobab (Soutpansberg Coalfield) Gemecs (Pty) Limited ("Gemecs"), the Competent Person, have completed an initial geological evaluation of the Tanga and Fripp properties based on the data obtained from Exxaro Limited. They have also completed a conceptual mine plan. The Competent Person has completed a Fripp & Tanga Resource Statement which is available on the Company's website. The results are as follows: Million Tonnes Measured 39.7 Indicated 44.0 Inferred 263.0 Reconnaissance 366.4 TOTAL 713.1 Within this total resource, the Competent Person has identified potential opencast resources of 156 million tonnes in the following categories: Million Tonnes Measured 39.7 Indicated 43.0 Inferred 66.4 Reconnaissance 7.3 TOTAL 156.4 The Company will now lodge an amendment to the existing prospecting right to allow for bulk-sampling, mining right application, conceptual feasibility study and infill drilling starting in early 2008. GVM will utilise additional exploration information from Exxaro to determine the potential resources at the other properties comprising the Baobab Project where the boreholes have been drilled and in parallel will commence exploration of the other properties in early 2008. GVM appointed East Coast Maritime (Pty) Ltd (ECM) to undertake a pre-feasibility study to determine the logistics requirements needed to transport coking coal from the Thuli and Baobab projects in the Limpopo Province. The intent is to ultimately export 10 million tonnes per annum (Mtpa) in total from both projects. It is envisaged that 3 Mtpa will be exported from Thuli, and 7 Mtpa from the various Baobab properties. The study completed by ECM encompassed the following: * Existing railway network/s and railway capacity - the study reviewed current rail infrastructure and operations which included perway and signaling, train control, gradients, structures and rolling stock in terms of wagons and locomotives. * Conceptual route determination for a new private siding/s linking Spoornet's network with a rapid coal loading facility at the Thuli and Baobab plants - 3 proposals have been selected: o Thuli Link - 55km of new rail line up to Mussina; o Baobab Link - 15km of new rail line to link to main line; and o Mopani Balloon - 3km circular siding at the town of Mopani. The report proposes design parameters for the railway lines, and suitable yard layouts at the plant for loading of trains. * Environmental Pre-Feasibility - The report includes a review of the legislative setting, pre-development, project activities and environmental issues related to the 3 selected sidings. During the next phase of investigations landowner requirements, mineral rights, underground mining activities and acceptance and approval conditions imposed by various authorities are to be undertaken; * Technical evaluation of alternative routes to Matola (TCM) in Maputo in Mozambique and 2 route options to Richards Bay. Rail distance, single or multiple line, ruling gradient, axle loading, traction, operational methodology and existing train crossing facilities were analysed to identify routes 1 (1275km) and route 4 (734km) as optimal from a shortlist of 4 alternative routes. * Review of the port infrastructure at: o TCM - Maputo, Dry Bulk Terminal; o Richards Bay Dry Bulk Terminal; and o Richards Bay Coal Terminal. The current operations of the Ports were examined including tippler capability, stock-piling, ship loading performance, and Port, Berth and Draft restrictions. A Cooperation Agreement is being developed with Transnet Freight Rail which is in the process of finalization. The term of agreement is that Transnet Freight Rail will assist GVM to acquire freight rights based on production of 1.5 million tonnes in 2009, 4-5 million tonnes in 2010 and 2011, and 10 million tonnes in 2012. Mooiplaats The infill drill program has now been completed on the Mooiplaats, Klipbank and Adrianople farms which collectively comprise approximately two thirds of the granted mining and prospecting rights and less than one third of the total area both granted and under application. Competent Persons SRK have provided an interim Coal Resource and Coal Reserve Estimate as follows: GTIS*(mt) SAMREC Geological Model Loss Layout Loss MTIS** Loss (Reserves) Mooiplaats 25.7 Measured 10% 2% 15% 19.3 Klipbank 48.8 Measured 10% 2% 15% 36.6 Adrianople 28.8 Measured / 15% 3% 15% 20.2 Inferred 103.3 76.1 *GTIS - Gross Tonnes in Situ (Resources) **MTIS - Mineable Tonnes in Situ (Reserves) The first proposal has been received from potential mining contractors. Based on this proposal, the Company is confident that mining costs will be in the projected range of ZAR 90-100 per tonne of Run of Mine (ROM) Coal. Washing and de-stoning estimated costs remain in the range of ZAR 20-25 per tonne. The original plan was to provide principally ROM coal to Eskom, but with the rapid escalation of prices at Richards Bay Coal Terminal (RBCT), it is now planned to wash all the coal to produce an export fraction (75%) and a domestic thermal fraction (25%). FOB cost RBCT is expected to be of the order of USD 35-40 per tonne. The production plan is to commence operations in Q3 2008 with a 18-24 month ramp up to final planned levels of phase 1 of 4.5 million tonnes of export and 1.5 million tones of domestic thermal. Expansion of production beyond this level will depend on exploration results to be conducted in 2008. Thuli (Limpopo Coal Field) GVM have commenced with the exploration activities at the Thuli project to confirm the potential qualities resource and structure with intention of developing an indicated resource early in the third quarter of 2008. This will be followed by a mining right application, conceptual feasibility study and infill drilling. Currently Thuli has a JORC compliant inferred resource of 352 million tonnes and it is expected that this will be significantly expanded. Holfontein & Wilderbeesfontein The Mining Right Application is underway with approval expected from the Department of Mineral and Energy (DME) by the third quarter of 2008. Subject to permitting from the DME, the Company expects mine development / production to commence in late 2008. The Environmental Impact Assessment (EIA) / Environmental Management Plan (EMP) is also in progress with completion expected in the 1st Quarter of 2008 for submittal to the DME. The Company intends to develop Holfontein and the adjacent Wilderbeesfontein as a single bloc. Drilling to bring the latter into a measured resource will commence during the first quarter 2008. To ensure contiguity with Wilderbeesfontein, it is also expected that further exploration drilling on Holfontein will commence early in 2008. This is to re-confirm the major dykes and sills and ensure that structural interpretation on both properties is consistent. The formal agreement enabling GVM to commence prospecting work on the Wildebeesfontein prospect consisting of 550 ha contiguous with GVM's Holfontein coal project has been signed. Dependent on the availability of drill rigs, GVM management expect drilling on this project to commence towards the end of the first quarter of 2008. The project acquisition price will be based on the mineable coal in terms of JORC/ SAMREC codes. The project acquisition price of US$0.50 per ton In-Situ coal will be determined for seam 4 and seam 5 coal with widths greater than 1.4 metres and seam 4 coal with a Calorific Value exceeding 23MJ/kg. Tshikunda Project The Heads of Agreement for the acquisition of the 32,000 ha prospect in the Pafuri coal field in Limpopo has been converted into formal agreements which GVM management expect to complete by the end of November 2007. The Section 11 application to the Department of Minerals and Energy for GVM's acquisition of 60% of Tshikunda Mining (Pty) Ltd, the company owning the Tshikunda Prospecting Rights, was submitted during the third quarter. Exploration on the project in the form of an Aeromagnetic study is expected to commence in the fourth quarter of the 2008 financial year. Sekoko Project GVM have agreed to acquire an additional 7,000 ha in the Soutpansberg coal field pending the satisfaction of suspensive conditions. The six farms constituting the Sekoko project are located in the vicinity of GVM's Baobab coal project in the Makhado district of the Limpopo province. The acquisition of 74% of the Sekoko coal project for R55 million will be formalised in the second quarter of the current financial year, with the Section 11 application following soon thereafter. Exploration on the project will commence once the Section 11 approval for the transaction from the Department of Minerals and Energy has been granted. The Salaita and Telema properties lie on the same coal body as that at Fripp and Tanga and it is believed that the resources identified on Fripp and Tanga will be replicated. Managing Director, Simon Farrell, said "clearly we are building up a very substantial resource base and following recent capital raisings of some AUD 120 million we are well placed to fast track development of our Baobab and Mooiplaats projects. We are confident of resolving the various infrastructure issues in the near future and with rapidly increasing coal prices, the Company's prospects are very, very exciting." Authorised by SIMON J FARRELL Managing Director For more information contact: Simon Farrell, Managing Director GVM +61 417 985 383 or +61 8 9322 6776 Nonkqubela Mazwai, Deputy Managing Director, GVM +27 83 690 9079 Petronella Gorrie The Event Shop +27 82 827 8815 Leesa Peters / Jos Simson Conduit PR +44(0) 20 7429 6606 Olly Cairns / Romil Patel Blue Oar Securities Plc +61 8 6430 1631 +44(0) 20 7448 4400 www.gvm.com.au Notes: The information in this report as it relates to the geology, geochemistry and geophysics, regarding Mooiplaats, has been prepared by Grant van Heerden. Grant van Heerden has more than five years of experience in estimation, assessment of, and evaluation of Mineral Resources and Ore Reserves which are relevant to the style of mineralization under consideration. Grant van Heerden is a Senior Coal Geologist with SRK Consulting. Grant van Heerden has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and activities herein reported, to qualify as a Competent Person as defined in the 2004 edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' and Part two of the AIM Guidance Notes for Mining, Oil and Gas Companies. Grant van Heerden consents to the inclusion in this report of such information in the form and context in which it appears. The information in this report as it relates to geology of the Baobab Project was overseen by J C Sparrow a Director of Gemecs (Pty) Ltd. Mr Sparrow is a member of the South African Council for Natural Scientific Professions (400109/ 03), with a BSc (Univ. of Natal), BSc Hons Geology. (Univ. of Johannesburg) and a Chamber of Mines certificate in Rock Mechanics and qualifies as a competent person in the field of activity being reported on and consents to the inclusion of this information in the form and context in which it appears in this report. This information is provided by RNS The company news service from the London Stock Exchange END TSTUWUNRBARAURA
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