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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Rusina Mining | LSE:RMLA | London | Ordinary Share | AU000000RML9 | 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% | 4.875 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMRMLA RNS Number : 6630B Rusina Mining NL 30 October 2009 FOR IMMEDIATE RELEASE 30 October 2009 Rusina Mining NL ("Rusina" or the "Company") QUARTERLY REPORT FOR THE PERIOD ENDED 30 SEPTEMBER 2009 The Company announces that is has released its Quarterly Report to the ASX today. A copy of the document is available from the Company's website - www.rusina.com.au HIGHLIGHTS DURING THE QUARTER * Rolls Crusher arrives at Acoje and commissioning commences * Local partner changes now substantially complete * Placement to UK institutions raises c. $5.7 million * DSO shipments under review for re-commencement RUSINA CORPORATE In mid September the Company announced the raising of approximately $5.7 million through the placement of 57,760,800 ordinary shares at 5.25 pence per share to clients of UK broker Mirabaud Securities Limited. The placement was in two tranches with the first tranche completed under the 15% rule while the second tranche of 21,000,000 shares will be completed early next week after being passed by a vote of shareholders at a general meeting of the Company yesterday. As at 30 September the Company's cash on hand was $5.0 million. An additional $2.0 million will be received next week from the finalization of the placement. In addition to cash on hand, receivables owed by our joint venture partner on the Acoje nickel heap leach project totaled $0.36 million at quarter end. During the quarter Montemina Resource Corporation, an associate entity of the Company concluded an agreement with DMCI Mining to acquire DMCI's economic interest in the Acoje and Zambales Chromite Mining Corporation properties. In addition Montemina has entered into an agreement to purchase the DMCI owned port at Santa Cruz. DMCI will continue as a partner to the Direct Shipping Ore operation and are currently reviewing the economics of undertaking a number of selective 2%+ nickel laterite ore shipments. The Company has continued to further its discussions with other industry participants over the possibility of entering into arrangements to consolidate assets and projects within the Company's industry sector with a view to creating greater opportunities for all shareholders to share in the benefits of consolidation. A total of 11,755,889 unquoted options expired unexercised during the quarter. The total number of ordinary shares on issue as of 30 September 2009 was 281,963,515. The total number of unquoted options on issue as of 30 September 2009 was 22,604,000 of which 8,600,000 expire on 30 October 2009. ACOJE HEAP LEACH TRIAL and TEST CENTRE During September the rolls crusher arrived from joint venture partner European Nickels Caldag project in Turkey. The crusher has had its motors refurbished and is now mechanically complete and erected in situ. The electrical system is currently being replaced and the crusher is anticipated to be fully operational within the next few weeks. Once the crusher is operational approximately 3,000 tonnes of laterite ore will be crushed, agglomerated and stacked on the trial leach pad. The irrigation pipes will be placed and a HDPE raincoat will cover both the pad and the ponds. Leaching is on schedule to commence shortly before Christmas. The trial heap will be constructed at the same height as the full commercial operation and is designed to prove the heap percolation and leach rates on a full scale basis as well as demonstrating the rain control methodology's. In addition the trial facility will showcase the clean, safe and environmentally friendly nature of the process to the government and local stakeholders. Several typhoons made landfall in the Philippines during the quarter making this wet season one of the wettest in recent history. Many people in Metro Manila and Luzon were quite severely affected. The company supported the relief operation through the Philippine Red Cross. For further information on how you could help please contact http://www.redcross.org.ph/Site/PNRC/wtd.aspx or visit our website. Despite the heavy rainfalls, no problems were encountered at the Acoje Heap Leach Operations or at the Santa Cruz Port. Contacts:Mark Hanlon Rusina Mining Tel: +61 8 9226 1111 Roland Cornish Beaumont Cornish Tel: +44 (0) 207 628 3396 For further information please visit our website - www.rusina.com.au This information is provided by RNS The company news service from the London Stock Exchange END MSCFDIFSSSUSESS
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