On behalf of Intec Ltd (ASX code: INL, or the Company), I now attach the March 2010 Quarterly Report for Entities Admitted on the Basis of Commitments (Appendix 4C).
Highlights
• Phase 2 trials have been completed for the spent pickle liquor recycling project, with data analysis and reporting currently underway.
• An initial market review of domestic and international opportunities for the spent pickle liquor recycling technology has found virtually no environmentally-equivalent (i.e. non-landfill) recycling competing operations within Intec's target markets.
• Production of zinc-bearing concentrate from Intec's stockpiles of EAF dust and Zeehan residue has continued at full capacity throughout March 2011, reducing in April due to short-term shipping supply and associated storage capacity limitations. Intec is progressing through the available EAF dust stockpile in Tasmania, and independent testing has confirmed that the product meets specification.
• Intec has submitted its Conceptual Study for the Middle Eastern zinc-lead project. Based on favourable indicated outcomes and a positive initial response by the client, the Company is now engaged in discussions related to the potential development of this project.
• Despite limitations on technical resources and the higher-priority demands of the spent pickle liquor recycling project, modest progress has been made on Intec's secondary project opportunities, including the AngloGold Ashanti gold concentrate testwork and polymetallic concentrate testwork.
• Intec's strategic review managed by the AFG Venture Group has identified a series of potential strategies for further assessment through the collection of additional quantitative and qualitative data. These data are due for submission to the Board by 30 June 2011.
• Updates by Bass Metals concerning its Hellyer Mine Project continue to indicate that the first royalty payment will be received by Intec in the September quarter 2011.
• In its most recent update to Intec, Green Resources (of which Mr Joe Lam is no longer a director) made no mention of advancing any Intec Process projects at this time.
• Intec has received a payment from the Australian Taxation Office of approx. $407,000 as an R&D Tax Offset refund.
• The Company's total cash available at the end of the quarter was $3,028,000.
SDV Price at posting:
2.7¢ Sentiment: Hold Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)