All the permits (The production and the environmental one.) is clear for the Storliden mine:
"South Atlantic Resources Ltd SCQ
Shares issued 32,379,744 Dec 28 2000 close $.190
Dec 29 2000 2:48:42
Mr. Edward Posey reports
South Atlantic Resources' 38-per-cent-owned publicly traded Swedish subsidiary, North Atlantic Natural Resources (NAN), reports that the appeal to the environmental permit for the Storliden project has been resolved with the Environmental Supreme Court in Stockholm. All necessary permitting is now in place for the Storliden copper-zinc project to go forward with development.
The Storliden copper-zinc deposit is located eight kilometres north of the town of Mala, Vasterbotten county. Current plans are to mine the deposit by underground methods at a nominal rate of 1,000 tonnes per day. The ore will be transported to a nearby mill for processing into concentrates. The concentrates will be processed into metal for sale on the world market. The mine is expected to operate for six years with an annual production averaging 25,200 tonnes of zinc metal and 11,150 tonnes of copper metal. The current price of zinc is $1,060 per tonne and the price of copper is $1,847 (U.S.) per tonne.
Negotiations are well under way with various financial institutions for obtaining all financing necessary for project development estimated to be between $20-million (U.S.) and $25-million (U.S.) dollars. Initiation of project construction is anticipated in March, 2001. First mine production is expected in the first quarter of 2002."
SCQ owns 38% of NAN. Predicted profit / share for the average life of the mine at current metal prices are 4-5 SEK. Current price in Sweden is SEK 8,2!! We will soon have news about an agreement with Boliden concerning equipment and labor force in the mine and the final financial arrangments. Read the SCQ thread on Stockhouse and the releases on www.scq.com !
Production to start in a year and drilling at nice targets for Palladium,identified by Finnish Geological Survey.
Have a look at the market depth by order!
egards,
Gunnar |
