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Additional information
Additional Information
Market: ASX
Sector: General Mining
Epic: ASX:KOR
News: Latest news
Web Site: Korab Resources
Other Articles: 03-03-201001-03-201020-01-2010

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Monday March 15, 10:21Diamondcorp: a big cash injection and a lot of work to do

70% of the new money was raised from current shareholders, reflecting a hefty amount of faith in the management to deliver.

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Monday March 15, 11:38Calvin Klein owner buys Tommy Hilfiger for US$3 billion from Apax Partners

The New York listed shirt and neckwear company is paying €1.924 billion in cash and issuing €276 million in PVH common stock (approximately 8.7 million shares) to fund the transaction.

 

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Monday March 15, 08:01China's growth boosting commodity prices

The latest economic figures from China have put pressure on the dollar and boosted a number of high-yielding currencies, including the Australian dollar and the South African rand.

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Korab Resources

Korab Resources

Korab Resources Ltd (ASX: KOR) is an Australian-based mining company listed on Australian Securities Exchange (ASX) and traded on ASX and Berlin Stock Exchange (BSE).  Korab operates gold, silver, organic phosphate rock and magnesium projects in Australia and Europe. Korab's main focus is on development of its mining and quarrying assets in Australia and Ukraine.

 

Tuesday, October 27, 2009

Korab Resources cuts phosphate project costs, improves project returns

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Korab Resources Ltd (ASX: KOR) has lowered the estimated start-up costs of its GeolSec phosphate project in the Northern Territory from the range of $300,000-$500,000 to the range of $200,000-$300,000.

Also, GeolSec’s estimated working capital requirements have been reduced from the range of $500,000-$800,000 to the range of $300,000-$500,000.

This brings the total savings in combined start-up and working capital requirements to around $500,000.
 
Korab has recently completed a $2 million Share Purchase Plan (SPP) which  closed oversubscribed after 16 days.

Part of the funds raised under the SPP will be used to cover the start-up costs and the working capital requirements of the GeolSec project,  making it fully-funded to production.

Korab’s application for a mining lease covering GeolSec phosphate deposit has progressed through the objection period with no objections received.

Because of the deposit’s location, its structure and its characteristics, the development of the GeolSec deposit should have a negligible environmental impact, said executive chairman Andrej K. Karpinksi.
 
“Furthermore, through the development of the GeolSec deposit as a preferred supplier of environmentally friendly organic products that can be substituted for soluble fertilisers, Korab can contribute to solving soil salinity and water pollution problems,” he said.

Korab’s GeolSec rock phosphate deposit is located  65 km south of Darwin on the outskirts of the regional centre of Batchelor. Korab is intending to develop the deposit as a simple quarrying operation capable of supplying pastoralists, organic farmers and other users of phosphate based organic fertilisers.

The deposit is located around 1 km from the grinding mill and is accessible during both dry and wet seasons. Local infrastructure includes a sealed highway, railway line, gas pipeline, high voltage power and potable water.
 
GeolSec is slated to commence production in 2010 with a targeted first year output of 15,000 tons p.a. to generate a projected pre-tax gross profit of around $5 million. GeolSec will be targeting a second year profit of $9 million, and a third year profit of $12 million.

This represents a targeted pre-tax profit of $26 million over three years commencing in 2010.

At this level it would generate a revenue stream for Korab, with gross profit of 33 cents per share over three years.

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