Word search 10001
IMX Upgrades Sales Contract with Chinese Financier
Perth-based diversified miner IMX Resources (ASX:IXR) has signed a variation to the sales contract it previously signed with Jilin Tonghua Iron & Steel Group.
Under the terms of the variation, Tonghua Mining will now purchase all of the ore produced from the Phase 1 for the life of mine at Cairn Hill, located 55 kilometers south-east of Coober Pedy.
IMX Resources Managing Director Duncan McBain said the signing of the sales contract variation was another significant milestone as it converted the existing 3 year contact into a life of mine contract for Cairn Hill Phase 1.
"All production from Phase 1 is now sold at prices related to international traded benchmark prices," Mr McBain said.
Under the variation to the sales contract Termite Resources NL, IMX's 100% owned operating subsidiary for Cairn Hill, will sell up to 1.7mtpa of unprocessed run of mine ore to Tonghua Mining for the life of mine of the Cairn Hill Phase 1 project.
The original contract with Tonghua Mining was to supply up to 1.4mtpa for 3 years.
The increased tonnage is available as a result of shipping through Port Adelaide rather than Darwin and optimisation of the train configurations to minimise FOB costs.
The variation to the sales contract also formalises the change in the load port from Darwin to Port Adelaide.
Apart from these changes the other terms of the sales contract remain unchanged. The ore will be sold on a FOB basis with the target shipping specification averaging 55% Fe and 0.43% Cu. Termite Resources receives payment for both the contained iron and copper, with the prices based on internationally traded benchmark prices and a 20% discount to allow for processing costs and losses.
The run of mine ore will be processed through the custom built processing plant at Bayuquan in Liaoning Province, NE China being constructed by Tonghua Mining.
IMX also has projects in Tasmania, Tanzania and Mozambique, East Africa, focusing on a range of commodities including ironore, nickel, gold, copper, platinum and uranium.
Word search 10002
Peculiar Knob Drilling Program to be extended
Western Plains Resources Limited, referring to its announcement of 8 February 2009 now advises that the two exploration holes drilled as part of the current drilling program at Peculiar Knob have returned positive results and, as a consequence, the Company has decided to extend the program by drilling three more RC holes.
Holes PK-111 and PK-112 have been drilled on a cross section beyond the north eastern extremity of the zone previously drilled in the resource definition program conducted in 2007. Four narrow coarse grained massive haematite zones were intersected in PK-111 between down-hole depths of 123.0 - 125.5 metres, 138.0 - 144.0 metres, 145.5 - 147.5 metres and 152.0 - 157.0 metres. Hole PK 112 returned good coarse grained, granular massive haematite over the intervals from 52.5 - 61.5 metres, 65.75 – 70.0 metres, and 73.0 - 81.0 metres. The zone from 52.5 metres to 81 metres is interpreted to be the continuation of the main ironstone lode across the fault as per the Company’s geological interpretation.
Although assays will not become available for some weeks, the Company is sufficiently encouraged by these results to extend the program by drilling three more holes.
As set out in the Company’s announcement of 8 February, the current drilling program was initially planned to consist of the two RC holes summarised above, plus five large diameter PQ core holes to provide supplementary geological information and to provide samples for a further program of metallurgical testwork designed to enhance the setting of specifications for the project’s marketable products and in particular the lump fraction.
The extension to the current drilling program will not impact on the timing of the commencement of the Penrhyn drilling program which is scheduled to commence on or about 8 March as separate rigs are being used.
Lounge lizards in a living room near you
Lizards are a common sight in Aussie backyards at this time of year, but you're just as likely to find one in the living room according to the experts at the Australian Veterinary Association.
"Keeping lizards as pets has become hugely popular," said Dr Robert Johnson, President of the Australian Veterinary Association's Unusual and Exotic Pets (UEP) special interest group.
The reptile pet industry in Australia is worth as much as $60 million annually, with the inland bearded dragon and the blue tongue lizard the most popular pets.
Some of the main advantages of keeping a lizard over more 'traditional' pets are:
* The small space required for many of the species, which makes them ideal for people living in apartment
* You don't have as much maintenance as some other pets (they don't need daily walks)
* Most of the common species get used to humans very easily
* They represent a connection with the natural world that many of us miss by living in cities
"Entry level lizards cost around $40-$90, with appropriate enclosures and other necessary equipment costing up to $1000. Then there's electricity costs and feeding to take into account," said Dr Johnson.
"It is addictive. Some gecko breeders will have a collection of a few hundred worth more than $100,000. For example, the branded knob tailed geckos sell for about $5,000 a pair.
"They're just wonderfully special animals that remind me of dinosaurs," adds Dr Johnson.
In Australia it is necessary to have a license to keep a lizard or any other reptile - you need to check the wildlife authority in your state for further information about obtaining a license
"Just remember, it's illegal to take reptiles from the wild, but pets are actively bred in captivity and many are offered for sale," said Dr Johnson.
Further information about keeping a lizard as a pet is available online at: www.ahs.org.au/
Word search 10003
In every piece of ideological government legislation there are usually consequences for people that least expect them. I use the term ideological to describe the legislation that is introduced by governments to appease the Party 'manifesto'; irrespective of whether its basic reasoning is beneficial or not. Among the few pre-election promises actually implemented by the Rudd Government, the ideological legislation with unintended consequences features prominently. One notable example is the new industrial relation (IR) laws introduced. In this instance Labor rolled back the IR clock nearly 40 years trying to appease the union puppet masters who spent millions helping Kevin Rudd into Government.
Just one of the details in Labor's new laws means that a time-honoured right of passage into adulthood looks like disappearing from the lives of Australian teenagers. I am referring of course to the part-time or after school job. Such jobs usually entail a couple of hours helping out in a local business. For me it was stacking shelves and selling newspapers twice a week for the princely sum of $15. It doesn't sound like much now but at the time it made me feel like a king. I was working and saving and learning some practical life lessons to boot. The beauty was that such jobs usually entailed a couple of hours after school and always got you home in time for dinner. Now, thanks to Kevin Rudd and the Labor Party, all that has changed. Aussie kids can no longer work for less than three hours each shift. That means many small businesses have had to stop employing them. Disappearing with the after school job is the transition to financial responsibility, development of the valuable work ethic and saving for that first car. Surely this should be of concern to those charged with governing the nation? Unfortunately not. According to the minister responsible, Julia Gillard, it is more important for workers to have 'rights' than actual jobs. In her defence of the indefensible, Gillard ignores the hopes and aspirations of the young and optimistic in pursuit of Labor's anachronistic IR agenda. Perhaps Labor doesn't care about the right of passage for our next generation of entrepreneurs and employees. It certainly appears that they are more concerned with appeasing the faceless bag men that promoted their virtues in opposition through a dishonest advertising campaign. However, in doing so, they are disadvantaging the next generation of voters and damaging one of the greatest learning environments available to them.