it's got to be getting really close now...
Media snippet from the age a couple of weeks ago....
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Melbourne-based Lafayette Mining, which has just started commissioning the treatment plant at its $US32 million ($A41 million) Rapu Rapu polymetallic project in the Philippines, knows that more than most.
It's been put on notice that President Gloria Arroyo, along with 200 security staff, 150 media types and an entourage of 50, will descend on Rapu Rapu this month to "officially" open the project.
Gloria will like what she sees in terms of jobs. The project employs 1200 locals keen to break out of the poverty trap. Lafayette shareholders hope Rapu Rapu can do the same for them.
The start to commissioning means that Rapu Rapu remains on schedule to produce its first gold this quarter, with commissioning of the base metals plant expected about three months later.
The good fortune of having Rapu Rapu built by contractors under a fixed-price contract means that Lafayette is not about to suffer the cost blow-outs that are causing havoc in Australia for any number of project developments.
Rapu Rapu begins with a mineral resource good for a six-year mine life, producing 10,000 tonnes of copper in concentrates, 14,000 tonnes of zinc in concentrates, 50,000 ounces of gold and 600,000 ounces of silver annually. Exploration points to a much longer project life.
Lafayette closed at 19 ¢ on Friday, indicating the market is not re-rating the stock for its production numbers until it has a couple of steady-state quarters under its belt.
In the meantime, watch out for the contingent from the Philippines planning to showcase the country's geology and its welcoming mining policies at the Diggers & Dealers bash in Kalgoorlie in early August.
LAF
lafayette mining limited
***get the scissors out and cut the tape***
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