Aug 31 2004
The Board of Fox Resources Limited ("Fox") is pleased to announce its first shipment totalling 3,200 tonnes of nickel and copper concentrate. The concentrate is scheduled to leave the Port of Dampier, Western Australia, today on its way to China.
Fox is the first Australian miner to ship nickel and copper concentrates to Jinchuan Limited, China's largest nickel producer. Under a three year agreement, approximately 35,000 tonnes of 10% nickel and 25% copper concentrates per annum will be shipped to Jinchuan.
This shipment came in on time and on budget with 50% of the ore sourced from outside the current Radio Hill audited ore reserve. Both the Radio Hill mine and the mill are performing well at a steady rate of production with nickel grades and tonnages on budget.
Managing Director Brett Matich said "The Fox Radio Hill personnel have done an outstanding job in bringing Radio Hill mine back into production only seven months after completion of initial drilling"
The successful first shipment is a credit to :
- The committed Fox Radio Hill site personnel and management team
- Roche JR Engineering processing and contractors
- Mining contractors Henry Walker Eltin
- Project financiers Societe Generale, who backed the Fox team from the beginning
- Fox's Chinese partner Jinchuan Limited
- The support of all Fox shareholders and the Karratha community
With Fox now in the top 10 Australian nickel sulphide producers, the company is aiming to:
- Increase nickel reserves around the Radio Hill mine through underground drilling
- To drill nickel sulphide targets around the nearby Mt Sholl deposits
- Complete a feasibility study of the Whundo Copper Project
Mr Matich said "Fox plans to consolidate its position as the only nickel producer in the Pilbara, through the exploration and development of its base metals and gold projects in the region".
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