donnie
19-10-2006, 02:44 PM
anyone have any thoughts about Matrix Metals Limited announcement today. should see some action over the next few weeks.
Glencore Finances Matrix into Copper Production
Matrix Metals Limited is delighted to announce that the Board has formally
resolved to commence copper production at the Mt Watson/Cuthbert Project,
and that the development is fully funded with Matrix having yesterday executed
a funding and off-take agreement with Glencore International AG (“Glencore”).
• Mining will commence at the Mt Watson deposit, with treatment at
Matrix’s Mt Cuthbert plant (the “Mt Watson/Cuthbert Project” or “the
Project”), utilising existing plant and infrastructure owned by Matrix
• Copper cathode production is expected to commence no later than 3rd
quarter of 2007
• Stage One production levels will be 5,500 tpa of Grade A LME copper
cathode, with a planned production rate increase up to 10,000 tpa in a
proposed Stage Two development
• Total Stage One pre production project capital expenditure is estimated
at $10 million, with the steady state annual net operating cashflow
estimated to be in the order of $20 million
• Stage Two capital expenditure for the plant upgrade is estimated at less
than $5 million with the upgrade resulting in substantially increased
annual net operating cashflow.
• Glencore has agreed to provide equity funding of $2.5 million at a price
of 6 cents per share, and a debt facility of $10 million subject only to the
satisfaction of certain legal due diligence
• Matrix has also reached in-principle agreement with Hartleys Limited to
raise a further $2.35 million by way of a placement of Matrix shares at a
price of 5.3 cents per share. Matrix’s two largest shareholders, being
Independence Group NL and the LinQ Resources Fund have agreed to
participate in the placement.....
http://sa.iguana2.com/cache/921d135e066e2f518a97dcdd9b457401/ASX-MRX-338199.pdf
Glencore Finances Matrix into Copper Production
Matrix Metals Limited is delighted to announce that the Board has formally
resolved to commence copper production at the Mt Watson/Cuthbert Project,
and that the development is fully funded with Matrix having yesterday executed
a funding and off-take agreement with Glencore International AG (“Glencore”).
• Mining will commence at the Mt Watson deposit, with treatment at
Matrix’s Mt Cuthbert plant (the “Mt Watson/Cuthbert Project” or “the
Project”), utilising existing plant and infrastructure owned by Matrix
• Copper cathode production is expected to commence no later than 3rd
quarter of 2007
• Stage One production levels will be 5,500 tpa of Grade A LME copper
cathode, with a planned production rate increase up to 10,000 tpa in a
proposed Stage Two development
• Total Stage One pre production project capital expenditure is estimated
at $10 million, with the steady state annual net operating cashflow
estimated to be in the order of $20 million
• Stage Two capital expenditure for the plant upgrade is estimated at less
than $5 million with the upgrade resulting in substantially increased
annual net operating cashflow.
• Glencore has agreed to provide equity funding of $2.5 million at a price
of 6 cents per share, and a debt facility of $10 million subject only to the
satisfaction of certain legal due diligence
• Matrix has also reached in-principle agreement with Hartleys Limited to
raise a further $2.35 million by way of a placement of Matrix shares at a
price of 5.3 cents per share. Matrix’s two largest shareholders, being
Independence Group NL and the LinQ Resources Fund have agreed to
participate in the placement.....
http://sa.iguana2.com/cache/921d135e066e2f518a97dcdd9b457401/ASX-MRX-338199.pdf