ASX Release - 31 October 2011
CORPORATE
- Cash on hand $7.48 million at 30 September 2011
AUSTRALIAN ALUMINIUM OPERATIONS UPDATE
- Gross Quarterly Cash Receipts of $1,138,506
- Gross Quarterly Operating Cash Surplus of $40,094 with trade receivables of $1.48 million
- 3,694 tonnes of salt slag and non-salt slag, and 1,846 tonnes of dross received during the quarter
- Additional upgrade of the salt slag plant completed on enable recovery of additional aluminium
- Quarterly profitability impacted by higher operating costs associated with commissioning and plant upgrades
- 24-hour closed-loop operations underway
- Landfill mining to commence once current stockpile of partly-processed salt slag reduced
- First shipment of AL80 awaiting departure
- Salt crystalliser under construction, continued construction of additional salt evaporation ponds
US ALUMINIUM OPERATIONS UPDATE
- Continued negotiation of US salt slag and black dross supply contracts
- Capacity for the first plant expected to be 200,000-250,000 tonnes per annum
- Contract signed to acquire land for construction of MHM's first US plant
- Applications submitted to state and local governments to finalise project incentives and concessions results due mid-December 2011
- US trademark application lodged for 'Alreco' name and logo
- Permitting and engineering consultants have commenced project planning
- Advancing discussions with parties regarding non-dilutionary financing
- Continued engagement with parties interested in supplying salt slag to a second US recycling facility
SILICA PROJECT UPDATE
- Cape Sorell silica assays received, confirming suitability of material for silicon metal production. Other lump silica and silica flour sources under assessment
- Continued negotiation for offtake, silicon smelter discussions positive and ongoing
- No response to Tasmanian press speculation about project details
TASMANIAN EXPLORATION UPDATE
- Hill 99 VHMS copper-gold project drill results identified anomalous copper and zinc
- All significant field exploration expenditure curtailed until 2012. Focus is on aluminium business, and assessment of opportunities for mineral division spin-off and/or introduction of project development partners
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