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Wednesday 14 July 2010

Vol. 3 No. 32


FIRB Approves Sichuan Taifeng $49 Million Transaction
South Australian miner and resources developer, IMX Resources Limited                                                       
(FIRB) has approved the investment by Sichuan Taifeng in IMX and the 
Cairn Hill project located 35 km south-east of Coober Pedy.

The FIRB approval opens the way for Sichuan Taifeng to:

-          acquire up to 19.9% of IMX through a placement immediately; 
and

-          acquire 49% of Outback Iron Pty Ltd, the IMX subsidiary 
which indirectly holds the Cairn Hill operations and Cairn Hill ML6303, 
subject to Department of Defence signing the amended access deed.

IMX Managing Director Duncan McBain said "IMX has always had a strong 
belief that FIRB approval would be forthcoming. Fortunately the flex-
ibility that Sichuan Taifeng has demonstrated, by entering into an 
interim agreement has allowed the commencement of mining prior to FIRB 
approval. The final approval is, however, very important for

IMX as it allows, with minor modifications, the original agreement to 
be implemented thus realising the full potential from our Cairn Hill 
projects and placing IMX in an exceptional position for growth."

"With the first magnetite - copper ore having been mined and trans-
ported to the ROM pad ready for crushing, IMX remains confident that 
the first shipment will be loaded in Port Adelaide in Q4", he said.

Following FIRB approval, and recent shareholders approval, IMX is 
able to finalise the second placement to Sichuan Taifeng of 
21,691,000 shares at 48.4 cents per share to raise $10,498,444. 
On completion of this placement Sichuan Taifeng will have invested 
$25,057,164 to acquire their 19.9% shareholding in IMX. Simultan-
eously, IMX will also place 7,759,000 shares at 48.4 cents to OZ 
Minerals Limited to raise an additional $3,755,356, which will 
maintain their original 13.0% shareholding.

Sichuan Taifeng will now invest approximately $24 million for a 49% 
interest in Outback Iron Pty Ltd, subject only to the finalisation 
of the Chinese National Development and Reform Commission (NDRC) 
consent now that FIRB approval has been obtained. The first 
$15 million payment is due within 30 days of FIRB approval, the 
second $5m payment within 60 days, with the balance within 6 
months. Sichuan Taifeng will be issued new shares in Outback Iron 
Pty Ltd once the first payment of $15 million has been received 
and Sichuan Taifeng will also appoint 2 directors to the Outback 
Iron board.

With Cairn Hill ML6303 being located within the Woomera Prohibited 
Area this has resulted in the FIRB process involving the Department 
of Defence. IMX and Sichuan Taifeng have been in discussions with 
the Department of Defence which have resulted in their support for 
the Sichuan Taifeng investment, conditional only on:

- Sichuan Taifeng agreeing to reduce its holding in Outback Iron 
from 50% to 49%.

Sichuan Taifeng has agreed to this condition; 
and
- Termite Resources agreeing to vary the access deed, signed in May 
2008, in relation to visitors and site staff. Termite Resources has 
signed the new deed and transitional arrangements, thus allowing 
the operations at Cairn Hill to proceed uninterrupted.

- Department of Defence being satisfied that the amended deed is 
sufficient to protect the national security interests of Australia.

IMX understands that this final condition will be satisfied later 
today. At that point the conditions in the FIRB approval will all 
have been satisfied and Sichuan Taifeng will be able to invest 
into Outback Iron to obtain a 49% equity holding.




Coober Pedy principal won't return

Posted on 12 July on http://www.abc.net.au

An Education Department review has found the principal of Coober Pedy Area School in outback South Australia should not return to her position.

Sue Burtenshaw was stood down in January pending an investigation of her management and disciplinary policies.

The Education Department said issues at the school had put Ms Burtenshaw under considerable pressure and divided the community.

An acting principal has been appointed until the end of the school year.

The position will be advertised for next year.

Discussions are being held to find Ms Burtenshaw alternative employment within the education system.



 

DEATH NOTICE

 

MORRIS, Nesta Jean (born 14/4/1927) passed away at the Port Pirie Hospital, on 14/6/2010, at 83 years of age. She came from Mount Gambier to Coober Pedy in her retirement to be with her family. Much loved mother of Susan and Edward. Sister of Betty, Phyllis, Jim (all deceased), Jack and Bruce. Devoted daughter of Alfred and Florence (both deceased). Relatives and friends attended her Graveside Funeral Service at the Coober Pedy Cemetery, Boot Hill on 18/6/2010. Donations in lieu of floral tributes were given to Lealholme, Helping Hand Aged Care, Port Pirie. Special thank you to Dr Kami, Dr Rasheed, Jenny Gough, Trish Turner, Esther Speight and Phil & Helen Bayet. 1 Corinthians 13:13 And now abide faith, hope, love, these three; but the greatest of these is love.

Now at peace.


The dulcimer being played in this photo is very similar to the one stolen recently

in Coober Pedy. Please contact the Coober Pedy Police if you have any information on its whereabouts.


WOOMERA & DISTRICTS FOOTBALL League

ROUND 12, 10th July 2010

 

Coober Pedy 17 goals 8 behinds 110 points defeated Andamooka11 goals 8 behinds 74 points

Best players for CP 1st B Lennon 2nd L Rankin 3rd A Dingaman 4th Z McKenzie 5th F Kenny

Goal scorers A Dingaman 5 goal Z McKenzie B Amos 3 goals each B Lennon S Young J Tappin

L Rankin M Coulthard S Cooper 1 goal each

Best players for Andamooka 1st J Barnes 2nd B Haliman 3rd T Ripley 4th B Harris 5th N Bennie

Goal scorers J Barnes 4 goals L Scobie T Paull N Bennie 2 goals each T Mulders 1 goal each

 

Olympic Dam 11 goals 16 behinds 82 points defeated Hornridge 8 goals 7 behinds 54 points

Best players for OD 1st S Peek 2nd S Montgomerie 3rd W Ingerson 4th C Taylour 5th M Spinks

Goal scorers D Webb 3 goals S Montgomerie R Summerton 2 goals C Taylour C Green J Elliot

D McKinnon 1 goal each

Best players for Hornridge 1st D McEvoy 2nd L Gersh 3rd M Blackie 4th D Male 5th P Rhodes

Goal scorers R Price C Rainsford 3 goals each P Rhodes C Keen 1 goal each


South Australians MAKE POLITICS PERSONAL

Steve Webster from World Vision and 25 South Australians have walked Canberra’s corridors of power in this election year to speak out against poverty and injustice. Together they asked Federal Member for Grey Rowan Ramsay to keep the Government’s promise to help halve global poverty by 2015 and end the needless suffering of millions of our global neighbours.

The group of passionate campaigners held 140 private, face-to-face appointments with MPs and Senators as part of the Micah Challenge Voices for Justice Gathering that brought 320 people to Canberra on June 19-22. They travelled from every state and territory in Australia, representing 98 electorates and ranged from teens to mothers to retirees – united as Australians who wanted to see action taken to create a better, fairer world for all.

“As everyone steps up before the election demanding to have their needs met, we felt it was important to speak out for those in our world with the greatest need. We wanted to remind our MPs that there are many compassionate people in the general community very concerned about global poverty,” Steve said.

 “Its not right that 8.8 million children under five are dying each year, mostly from easily preventable causes like diarrhoea.”

Voices for Justice participants want to see pre-election commitments from both major parties to increase the aid budget to 0.7% of Gross National Income (GNI) – just 70 cents in every $100 – by 2015. This is the amount Australia and other rich nations promised under the Millennium Development Goals – a global strategy to halve extreme poverty by 2015. Australia’s aid contribution is currently well below what is needed at just 0.33% GNI and we still rate only 16th out of the 22 richest countries in our aid giving.

While in Canberra Steve shared these concerns with Mr Ramsay who welcomed the visit and the opportunity to hear how people in the electorate felt about global issues.

“Rowan showed a real empathy to the issues raised and committed to holding an electoral forum on the issues,” Steve said.

 The group also participated in the presentation of a giant scroll of Micah Call signatures to politicians – representing more than 112,000 Australians calling for action to end poverty.

Micah Challenge National Coordinator John Beckett said that the involvement of campaigners like Steve Webster has already made a difference.

“Progress has been made. In 1990, 42% of the world was living in extreme poverty. It has now dropped to 19%. Each one of those percentage points represents lives saved and families released from poverty. Now is the time to work towards the world we want to see,” he said.

Micah Challenge is a global movement of aid and development agencies, churches, schools, groups and individual Christians who want to deepen their engagement with poor communities and influence world leaders to meet their commitments to the Millennium Development Goals.


Real Estate

Coober Pedy

For Sale

Solid double brick modern 3-bedroom home

Large living area, air conditioned, modern kitchen, large shed/carport, new fenced yard, 5 minutes walk to town facilities.

Magic views of the renowned Breakaways.

IMX has opened a new mine close to Coober Pedy, and with this in mind, the property would be ideal for investors – family home or corporate usage.

The home is furnished and currently rented for $170 per week.

Sale price $180,000

For further details

Phone Glenn 0411018319

 

 


 

1 Corinthians 13, 4 - 8: (Backpackers Bible)

Love is kind and patient,

    Never jealous, boastful, proud or rude.

Love isn't selfish or quick tempered.

    It doesn't keep a record of wrongs that others do.

Love rejoices in the truth, but not in evil.

Love is always supportive, loyal, hopeful and trusting.

Love never fails!

Church Meeting Times
: Catacomb (Anglican) Sunday 9.30am; Catholic Saturday 6.30pm Sunday 10am; Coober Pedy Revival Fellowship Sunday 10.15 am, 7 pm Wed 7.30 pm; Coober Pedy Brethren Sunday 10am;
Coober Pedy Christian Home Church Sunday 3pm 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



     
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