Australian Market Report of October 20, 2010: JFE Shoji Trade Acquired Interest In Cockatoo Coal Limited (ASX:COK) Coal Projects In Bowen Basin
Sydney, Oct 20, 2010 AEST (ABN Newswire) - Cockatoo Coal Limited (ASX:COK) said today that JFE Shoji Trade Corporation, a subsidiary of JFE Shoji Holdings (TYO:3332) has acquired a 37.5% interest in Cockatoo Coal's Baralaba Mine Project and a 20% interest in Wonbindi Project in Bowen Basin, Queensland. Cockatoo Coal holds the remaining interest in both projects. Cockatoo Coal currently has a long term PCI coal sales contract with Japanese steel giant JFE Steel Corporation which is facilitated by JFE Shoji.
PanAust Limited (ASX:PNA) has approved a US$110 million investment to increase ore processing rates and improve metal recoveries at the Phu Kham Copper-Gold Operation in Laos. The investment will deliver an increase in copper concentrate production to 65,000tpa-70,000tpa in mid-2012 from current design levels of 60,000tpa-65,000tpa.
Poseidon Nickel Limited (ASX:POS) has intersected higher than expected nickel sulphide grades at the Cerberus deposit. The drilling programme aims to extend the size of the resource as well as potentially increase its JORC status. Assay results include 1.63m at 2.03% Ni of moderate to highly disseminated sulphides and 2.83m at 3.24% Ni of matrix, channel style mineralisation at a vertical depth of 200m. Results have confirmed the real potential for growing the Cerberus resource nearer to surface than the geological modelling estimates.
Transol Corporation Limited (ASX:TNC) has acquired two new gold projects in Cambodia. One of the projects, the Mondulkiri Gold Kang Roland Project is adjoined to the south and the west by OZ Mineral's (ASX:OZL) Okvau project. OZ Minerals Limited announced in March 2010 an initial JORC compliant Inferred Mineral Resource at Okvau of 8.1 million tonnes at 2.3 g/t for 605,000 ounces of contained gold.