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Gold/Mining/Energy : Canmine resources -- Ignore unavailable to you. Want to Upgrade?

To: thewiz who wrote (2751)	2/23/2001 2:39:31 AM
From: Cumbrian	Respond to of 2769

AUSTRALIA: ANACONDA SEES FULL RAMP UP IN 12 MONTHS. REUTR February 21, 2001 SYDNEY, Feb 21 (Reuters) - Australia's Anaconda Nickel Ltd said on Wednesday it expects to complete the production ramp up stage of its Murrin Murrin lateritic nickel and cobalt project in about one year. Murrin Murrin is one of three closely-watched new projects in Western Australia costing about US$1 billion and employing pioneering pressure acid leaching technology to extract nickel and cobalt from dry laterite ores. Anaconda said in a briefing to bond holders and institutional investors that low operating costs had been achieved at the 50 percent ramp up level, in line with forecasts. The cost of producing nickel should fall below US$1.00 a pound taking into account cobalt credits, once the ramp up period was completed, the company said. Nickel, used as an alloy in the production of stainless steel and in battery-making, currently commands about U$2.81 a pound on world markets. "Ramp up completion is expected in about 12 months," Anaconda said. Anaconda shares closed one cent lower at A$1.83, eight cents above its 12-month low of A$1.75. Murrin Murrin produced a record 1,715.2 tonnes of nickel and 107.6 tonnes of cobalt in December, Anaconda said. Anaconda aims to eventually produce about 44,000 tonnes per year of nickel from Murrin Murrin and has said it expects to reach an annual production rate of 62 percent of full capacity in the March 2001 quarter. Cost over-runs and protracted teething problems delayed by more than a year the full commissioning of Murrin Murrin and two similar projects owned by Centaur Mining & Exploration Ltd and Preston Resources Ltd . (C) Reuters Limited 2001.