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Gold/Mining/Energy : Mining News of Note
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To: LoneClone who wrote (20479)5/28/2008 10:03:56 PM
From: LoneClone  Read Replies (1) of 193536
 
Rio Tinto says Sulawesi nickel project has 162 million tonnes inferred resource
05.28.08, 3:23 AM ET

forbes.com

SYDNEY (Thomson Financial) - Rio Tinto said on Wednesday drilling at its Sulawesi nickel project in Indonesia has resulted in 162 million tonnes of ore being classified as an inferred resource.

The resource estimate comes as the world's third-largest miner continues to highlight its pipeline of growth projects as its fends off a hostile 3.4-for-1 scrip offer from the world's top miner BHP Billiton (nyse: BBL - news - people ).

'Sulawesi Nickel has been confirmed as a tier one opportunity for our group,' said Rio Tinto Copper Chief Executive Bret Clayton in a statement.

'This project will provide an attractive entry for Rio Tinto into a new metal and in 10 years' time, Rio Tinto could rank among the top 10 nickel producers globally.'

Rio Tinto said the Sulawesi nickel project is in the final stage of an order of magnitude study.

'A base case production of 46,000 tonnes per annum of nickel is envisaged commencing by 2015, with potential to support future expansion beyond 100,000 tonnes per annum,' the group said.

It said the inferred resource graded 1.62 percent nickel and 0.08 percent cobalt.

The deposit was discovered in 2000, as part of a regional reconnaissance programme following the issuance of an approval in principle by the Indonesian Government in 1999 to negotiate the Contract of Work.

Rio Tinto said it is in the final rounds of government negotiations over full mining tenure and a Contract of Work mineral title.

bruce.hextall@thomsonreuters.com
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