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Additional Information
Market: ASX / AIM
Sector: General Mining
Epic: RML
News: Latest news
Web Site: Rusina Mining
Other Articles: 02-03-201003-02-201030-01-2010

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Rusina Mining

Rusina Mining

Rusina Mining N.L. is an active mining exploration company that is focused on the emerging Philippine mining sector. The Company has defined a JORC compliant resource estimate for nickel laterites at its Acoje tenement on the island of Luzon and will commence mining operations in the second half of 2007. The Acoje property also hosts chromite, nickel sulphides and platinum group metals. Rusina is listed on the Australian Stock Exchange, code RML and the London Stock Exchange (AIM) code RMLA.

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Wednesday, January 13, 2010

Rusina Mining in discussions to resume shipments of nickel laterite from Philippines

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Australian-listed exploration company Rusina Mining (ASX: RML) is investigating the possibility of resuming some selective shipments of nickel laterite ore from its Acoje tenement in the Zambales District on the island of Luzon in the Philippines.

The news came as the company announced it was in discussions with DMCI Mining Corporation over the matter.

The two companies have now modified the existing Direct Shipping Ore arrangement in relation to the mining and sale of nickel laterite ore at the project.

In accordance with the terms of the modified arrangement, DMCI will continue to be responsible for all mining, marketing, transport and capital costs of up to 200,000 tonnes high grade ore at a fixed operating cost whist providing a 50% share of profits to Rusina on a shipment by shipment basis.

There is an agreed minimum profit before a shipment can take place.

Rusina is developing the 24,500 tonnes per annum of contained nickel Acoje project, which has a resource of 50.1 million tonnes grading 1.09% Ni at a cut-off grade of 0.08% Ni.

In September, Rusina secured an investment of A$5.75 million from UK institutional investors.

In addition, the modified arrangement includes a substantially reduced fixed incremental cost1 for lower grade ores, again on a minimum agreed profit on a ship by ship basis. This modified arrangement greatly reduces the risks to both DMCI and Rusina in the volatile DSO market whilst taking advantage of favourable marketing conditions as they arise.

Rusina expects that DMCI will be fully mobilised back to site by the end of this month.

 

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