12:49 AEST Apr 1, 2011 ABN Newswire (C) 2004-2011 Asia Business News PL. All Rights Reserved.
Perth, Australia (ABN Newswire) - CopperChem Limited ('CopperChem'), a privately owned resource development company have advised Exco Resources Limited (ASX: EXS) (PINK: EXRSF) that mining of oxide ores from Exco's wholly owned Mt Colin deposit in the Cloncurry area of NW Queensland has been completed.
Exco is entitled to a royalty on oxide ore mined from Mt Colin and an amount of A$117,000 is now payable by CopperChem to Exco.
Exco retains exclusive rights to the remaining resources at Mt Colin.
In addition to the Mt Colin royalty, Exco is entitled to a royalty ('GA Royalty') on approximately 1.7 million tonnes of sulphide ore contained within the Great Australia resource pursuant to the terms of the Exco-CopperChem Alliance Agreement entered into in September 2009.
CopperChem has advised Exco that it has commenced mining at the Great Australia Mine and that mining of sulphide ores from the open pit will commence within the next 30 days.
Under the terms of the GA Royalty, Exco is to receive A$6.00 per dry metric tonne of ore mined plus an additional A$0.06 per tonne for each US$0.01 by which the average copper price in a given six month period exceeds an indexed base price.
The current base copper price under the agreement is approximately $US2.06/lb.
Based on prevailing LME copper prices Exco estimate that the GA Royalty would currently be in the order of A$19.00 to A$20.00 per dry metric tonne of ore mined.
Exco is an Australian focused ASX-listed mining company (ASX: EXS)(PINK: EXRSF) with a dual focus on developing both the White Dam Gold Project in South Australia, and the Cloncurry Copper Project (CCP) in north-west Queensland. In addition, the Company has renewed its exploration efforts at the highly prospective Hazel Creek Project, also in north-west Queensland.
Contact:
Michael Anderson Managing Director Exco Resources Limited Ph: +61-8-9211-2000
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12:49 AEST Apr 1, 2011 ABN Newswire (C) 2004-2011 Asia Business News PL. All Rights Reserved.
