Word search Coober Pedy News Vol 3 No 12, November 4, 2009
Chinese Investment Approval
The Assistant Treasurer, Senator Nick Sherry, announced on 23 October that approval has been given for the application by Yanzhou Coal Mining Company Limited (Yanzhou) to acquire full ownership of Felix Resources Limited (Felix), conditional upon it complying with legally enforceable undertakings provided by Yanzhou.
Yanzhou has undertaken to:
* operate its Australian mines through a company, Yancoal Australia Proprietary Limited (Yancoal Australia), that is incorporated and headquartered in Australia and is managed in Australia using a predominately Australian management and sales team;
* ensure Yancoal Australia, and any of its operating subsidiaries, have at least two directors whose principal place of residence is in Australia, one of whom will be independent of Yanzhou and its related entities;
* ensure that the Chief Executive Officer and Chief Financial Officer of Yancoal Australia have their principal place of residence in Australia;
o hold the majority of Yancoal Australia's board meetings in Australia in any calendar year;
o list Yancoal Australia on the Australian Securities Exchange by the end of 2012 and, by that time, reduce Yanzhou's ownership of Yancoal Australia to less than a 70 percent holding.
"With these undertakings provided by Yanzhou, I consider that this acquisition is consistent with Australia's national interest," said the Assistant Treasurer.
"As such, compliance with these undertakings is a condition of my approval of the acquisition under section 25 (1A) of the Foreign Acquisitions and Takeovers Act 1975."
"It represents the first time a Chinese state-owned enterprise operating in Australia will list on our stock exchange. As such, it demonstrates the strength of the developing bilateral economic and investment partnership between Australia and China."
Although none of the four Felix coal mining operations that Yanzhou will continue with are in the Woomera Prohibited Area (two are in NSW, two are in Qld), the fact that Yangzhou will report to the Foreign Investment Review Board on its compliance with these undertakings should provide encouragement for Western Plains in its quest to involve Chinese investment in developing its iron ore projects in the WPA, 120 km south of Coober Pedy.
Felix' subsidiary South Australian Coal, which will be demerged from Felix in Yanzhou's takeover, is exploring the Lake Phillipson coal area near Coober Pedy.
Page 2 Coober Pedy News 4 November 2009
NEW DRILLING RESULTS FROM IMX MT WOODS IRON ORE DISCOVERIES
IMX Resources Limited announced today that analytical results, from reverse circulation (RC) drilling in September, have now been received for the new iron ore discoveries of Bumblebee and Fitzgerald Dam, at the Company's wholly-owned Mt Woods Project 35km south east of Coober Pedy.
At Bumblebee, 15km south of Cairn Hill, the mineralisation appears to extend northeast for about 1200m, dipping to the northwest at a shallow angle. To date, two holes have been drilled into the target on a single line. Both holes returned consistent width and grades. In addition, anomalous copper up to 0.13% was
(Cont. on page 4)
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Page 3 Coober Pedy News 4 November 2009
Western Plains September Quarter Highlights
Above image from Western Plains website has been adapted, to include the location of Lake Phillipson and Ingomar Station.
* The Department of Defence advised during the quarter that it would not support WISCO's proposed FIRB application in relation to its investment in WPG and the Hawks Nest magnetite joint venture. WPG is seeking to have this overturned by a whole-of-government review that takes into account a broader range of issues than those considered by Defence, together with WPG's and WISCO's preparedness to consider further changes to their agreement that mitigate Defence's concerns about safety, operational issues and national security.
* The Company completed a $6.2 million capital raising during the quarter.
* WPG has acquired an option to purchase the Penrhyn coal deposit near Coober Pedy.
v The Company is reviewing the offer it received to fund development of the Peculiar Knob direct shipping iron ore project in light of Defence's concerns.
* The Company is reviewing the offer it received to fund development of the Peculiar Knob direct shipping iron ore project in light of Defence's concerns.
* Permitting for the ancillary approvals required to bring the Peculiar Knob project into production neared completion during the quarter.
* An exploration program at Commonwealth Hill was completed during the quarter. A number of attractive anomalies have been identified.
* The Mount Brady and Windy Valley exploration licence applications are still under review by PIRSA, which appears to have implemented a moratorium on processing new tenement applications in the Woomera Prohibited Area pending the development of a clear mining and exploration policy by Defence.
* The Company has sold its interest in the Trundle copper-gold project and relinquished its other tenements in NSW.
SOUTH AUSTRALIAN DSO IRON ORE PROJECT
WPG's direct shipping (DSO) iron ore projects in South Australia lie on the Peculiar Knob mineral lease, ML 6314 and on the Buzzard mineral claim MC 3810 at Hawks Nest. WPG holds its interests in all these tenements through its 100% owned subsidiary Southern Iron Pty Ltd.
No technical work was conducted on the Company's DSO project during the quarter and its technical status remains as summarised in the June 2009 quarterly report.
(Cont. on page 4)
Page 4 Coober Pedy News 4 November 2009
IMX - Mt Woods (Cont. from page 2)
intersected from a biotite schist at 221m in hole MWRC071, highlighting the presence of copper-gold mineralising fluids in the region.
The Fitzgerald Dam prospect is located 16km from the Cairn Hill mine haul road to the Rankin Dam rail loading loop, close to the Old Stuart Highway. Up to 136m of magnetite rich gneiss was intersected at shallow depths, returning grades up to 38% Fe. The intersection has not yet been followed up as the second hole was abandoned due to drilling issues.
In September, 37 RC holes for 6,350m were completed as part of a planned 10,000m regional drilling program at Mt Woods. Following an assessment of the new drilling results integrated with the geophysical data, IMX will undertake a program of diamond drilling to target iron ore mineralisation at the Snaefell and Fitzgerald Dam prospects as well as follow up copper-gold mineralisation at Black Hills and Aquila. This drilling is scheduled to commence in mid November.
A program of Rotary Air Blast (RAB) drilling is now being planned to maximise the exploration coverage of the Mt Woods 3,480km2 tenure, before undertaking more RC drilling. The relatively shallow cover sequences of this region of the Mt Woods Inlier make it amenable in places to lower cost exploration methods such as RAB.
Western Plains September Quarter Highlights
(Cont. from page 3)
Permitting, Logistics, Infrastructure and Other Approvals
Commonwealth of Australia - Department of Defence
As previously disclosed, WPG and the Commonwealth have executed an access agreement pursuant to which the Commonwealth has approved the construction and operation of the Peculiar Knob mine within the Woomera Prohibited Area, and the construction of all necessary infrastructure for development of the project. This infrastructure includes the haul road, the underpass beneath the Stuart Highway, the crushing plant and rail loading facility at Wirrida siding, and the project's accommodation village.
Miscellaneous Purposes Licences and Other Permits
Miscellaneous Purpose Licences for the haul road, crushing plant and accommodation village were lodged during the quarter. The Mining and Rehabilitation Plan is in an advanced draft stage, and will be finalised soon.
The Company has water extraction licences in place that are sufficient for the Peculiar Knob operation. Separately, WPG has received the Commonwealth's approval to construct a pipeline from the borefield to a central distribution point, and the Commonwealth is preparing a formal agreement.
The South Australian government has awarded preferred tender status for the development of this port to the Spencer Gulf PortLink consortium, but neither the government nor the preferred tenderer have announced their intentions in relation to the timing of development, capacity or likely port user charges. WPG awaits further developments.
WPG is continuing to review the potential for exporting ore through Port Adelaide as a sub-optimal but short term solution until Port Bonython becomes available.
Page 5 Coober Pedy News 4 November 2009
The Seven Billion Dollar Question - Senator Cory Bernardi
Imagine a question that attached a price tag of seven billion dollars of taxpayers' money to the answer. Now suppose that the question itself was being hidden by the Government in an attempt to avoid scrutiny and public debate.
Most Australians would be appalled at such a circumstance, yet that is precisely what is happening in Australia.
The question I am referring to is the Australian Government's commitment to reaching an agreement on a treaty at the Copenhagen climate change conference.
Unfortunately for us, the treaty includes a requirement for industrialised nations to commit 0.7% of their national economic output to a United Nations-controlled fund to compensate those in less developed nations.
With our trillion dollar economy, that means that we will be paying seven billion dollars every year to an unelected organisation that will redistribute the funds to those it deems 'worthy'.
These 'worthy' nations include those in Africa who will be compensated for the impact of the western worlds carbon dioxide emissions on their nations.
As an interesting aside, the trustees of a multi-million dollar prize given for 'good governance' in Africa, found no suitable recipient this year.
This raises the question of how effective the application and administration of our seven billion dollar annual contribution will be.
Some will argue that this money represents an extension of our foreign aid policy - a policy that has recently been increased and expanded by the Rudd Government.
At the time the increase was announced, it struck me as strange that we were using borrowed money, used to fund the Rudd Government's unwise spending spree, to send to other countries.
Given that a large part of those borrowings came from China you can imagine my surprise that we were sending some of it back to China as foreign aid!
A cynic might ask "why not cut out the middle man and simply send the interest payments to China and allow them to keep a portion of the money they were lending us?"
This Government has already been running up big debts that future generations will be working to pay off. The Copenhagen treaty represents an extension of the financial burden we will be placing on our children.
The suggestion that this decision is being taken without reference to the parliament or within the illuminating insight of public debate should concern us all.
Page 6 Coober Pedy News 4 November 2009
Greyhound Bus now operating from New Terminal
Infrastructure changes have been completed on the car park in front of the DCCP to allow the Greyhound bus to exit the new Hutchison St terminal via St Nicholas
Street, driving into the Council carpark, and from there onto Hutchison St.
DCCP Works Manager Mark Hill said that the Council will be monitoring the situation.
Vehicles may not enter St Nicholas Street from the Council carpark.
The DCCP paid for half of the cost of the infrastructure changes.
Ch 11 v 34:
Has anyone known the thoughts of the Lord or given him advice?
Page 7 Coober Pedy News 4 November 2009
Church Meeting Times
Coober Pedy Revival
Sunday 10.15 am, 7 pm
Wed 7.30 pm
Coober Pedy Brethren
Coober Pedy Christian
Ph 0417 814 559 or 0408 890 280
Coober Pedy Community
Church - Assembly of God, Paxton Rd
Sunday 10:00 am
Wednesday 7:00 pm
Friday Prayer Meeting: 7:30pm
Coober Pedy Police News
At about 10:50pm on 29/10/2009, Police were tasked to a house at Umoona Reserve regarding a disturbance. On arrival police were advised that a 23 year old male had been stabbed by a 34 year old female. Police spoke with the victim who was treated at the Coober Pedy Hospital. Police later located and arrested the female for Aggravated Assault Causing Harm. The female will appear at the COOBER PEDY Magistrates Court at a later date.
At about 8:30pm on 29/10/2009, Police were tasked to an address at Roberts Street, COOBER PEDY regarding a disturbance. On arrival police located a 48 year old female who stated she had been assaulted by her husband. Police later located the 49 year old male nearby and arrested him for aggravated assault. The male was remanded in custody and will appear at the COOBER PEDY Magistrates Court at a later date to answer the charge.
At about 1:20am on the 30/10/2009, Police were performing mobile driver testings when they stopped a vehicle on Robins Boulevard, COOBER PEDY. Police Alco tested a 16 year old female from Port Augusta which recorded a positive reading. The driver was taken back to the Police Station for a breath analysis test. As a result of the test the female was reported for driving with the prescribed concentration of alcohol and Driving Unlicensed. The female will appear at the COOBER PEDY Magistrates Court at a later date to answer the charge.
At about 12:45am on the 31/10/2009, Police were performing mobile driver testings when they stopped a vehicle on Hutchison Street, COOBER PEDY. Police Alco tested a 26 year old female from Ernabella Community which recorded a positive reading. The driver was taken back to the Police Station for a breath analysis test. As a result of the test the female was reported for driving with the prescribed concentration of alcohol. The female will appear at the COOBER PEDY Magistrates Court at a later date to answer the charge.
At about 11:16pm on the 03/11/2009, Police were tasked to 5klm south of William Creek regarding a single vehicle roll over. On arrival police located an adult male trapped in the vehicle with injuries to his face and head. The male was extracted from the vehicle and transported to the RAH by Royal Flying doctors and is in a stable condition and injuries don't appear life threatening. Police are still investigating the vehicle crash to determine the cause.