re: Ann: Kamarga Drilling Update Zinc Zone Ex...
I found this on another thread;
MMG seeks new zinc projects.
Sarah-Jane Tasker From: The Australian July 27, 2010
CHINA'S Minerals and Metals Group's local subsidiary continues to search for new growth opportunities, as it records a jump in zinc output.
The company, which was the white knight for OZ Minerals when it purchased all but one of its assets in a $US1.3 billion deal in June last year, reported yesterday that in the June quarter, zinc output was up 28 per cent on the previous quarter.
Chief executive Andrew Michelmore said that while the company was focused on demonstrating it could run its operations well, a team had been established to search for new opportunities in both Australia and overseas.
Mr Michelmore said MMG was keen to grow its business as its Century zinc mine in Queensland will start its ramp-down in 2014. "While the Dugald river project in Queensland would replace 40 per cent of the output lost from Century, the company is taking the opportunity to look for other options," he said.
"We are looking where there are either operations, or projects near completion, or ore bodies that are starting to be identified."
Mr Michelmore also said yesterday that during the June quarter, base metals prices softened considerably, driven by negative macro-economic sentiment.
"It was heavily influenced by the concerns over sovereign debt of several European nations and the softening of Chinese economic stimulus," he said.
"Despite some recovery in the second half of June, closing LME (London Metals Exchange) three-month prices for the quarter were down, compared to levels at the start of the period by between 16 and 26 per cent, depending on the metal." The copper price suffered the smallest decline.
MMG said the strong production recorded in the June quarter was the result of a solid performance at Century and a planned zinc campaign at Golden Grove during the period. Mr Michelmore said the quarter had been characterised by solid production results, increased exploration activity and the progression of several near mine growth projects.
http://www.theaustralian.com.au/business/
RMG Price at posting:
1.3¢ Sentiment: Buy Disclosure: Held
