Direct Shipping Ore Update
January 13 2010 - 2:00AM
UK Regulatory
TIDMRMLA
RNS Number : 4291F
Rusina Mining NL
13 January 2010
Wednesday 13th January, 2010
RUSINA MINING NL (the "Company")
DSO Update
As reported in the most recent Quarterly Operations Report the Company has been
in discussions with DMCI Mining Corporation over the possibility of resuming
some selective shipments of nickel laterite ore from its Acoje tenement in the
Zambales District on the island of Luzon, the Philippines.
DMCI and the Company have now modified the existing Direct Shipping Ore (DSO)
arrangement in relation to the mining and sale of nickel laterite ore at the
project. In accordance with the terms of the modified arrangement, DMCI shall
continue to be responsible for all mining, marketing, transport and capital
costs of up to 200,000 tonnes high grade ore (>2%Ni) at a fixed operating cost
whist providing a 50% share of profits to Rusina on a shipment by shipment
basis. There is an agreed minimum profit before a shipment can take place.
In addition, the modified arrangement includes a substantially reduced fixed
incremental cost for lower grade ores, again on a minimum agreed profit on a
ship by ship basis. This modified arrangement greatly reduces the risks to both
DMCI and Rusina in the volatile DSO market whilst taking advantage of favourable
marketing conditions as they arise.
The Company expects that DMCI will be fully mobilised back to site by the end of
this month.
For further information please contact the undersigned or email
rusinaadmin@rusina.com.au.
Enquiries to:
Mr Mark Hanlon
Chief Financial Officer
Rusina Mining NL +61 8 9226 1111
Roland Cornish
Beaumont Cornish Limited 020 7628 3396
This information is provided by RNS
The company news service from the London Stock Exchange
END
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