Quarterly Activities Report December 2012

Highlights

Coal

  • Substantial progress made with Tabalong Forestry Permit application process.
  • Detailed exploration plans for Kodio Multicom, Marangkayu Bara Makarti and Suryaraya Pusaka, programs to commence in Q1 2013.
  • Detailed haul road design and capital estimate completed with results in line with previous capital estimates.

Lithium

  • Upgraded JORC Mineral Resource estimate at Pilgangoora Lithium project of 25.2 million tonnes @ 1.23% Li2O representing an 89% increase over the previous estimate with slightly higher grade.
  • The Mineral Resource estimate of 310,000 tonnes of contained lithium oxide.
  • The upgraded Mineral Resource estimate confirms Pilgangoora as a world class lithium deposit.
  • Scoping Study (SS) completed targeting the establishment of a mine and processing plant to produce spodumene concentrate.
  • Planned operation to mine and process 830,000tpa of ore to produce up to 150,000 tpa of spodumene concentrate at +6.0% Li2O.
  • Net Present Value (NPV) of A$93.2 million (discount rate of 12%) and Internal Rate of Return (IRR) of 52%.

Iron Ore

  • Final mining and capital study (by Atlas) in progress targeting initial production of 3 Mtpa.
  • Draft Joint Operations Agreement (JOA) received from Atlas Iron and now being reviewed by Altura.
  • Draft commercial terms received from Atlas and now in negotiation.

 

Further details

Posted in 2013 ASX