Arcadium shareholders approve sale to Rio Tinto
Shares of Arcadium Lithium rose about 7% in extended trading after the company said that about 98% of its shareholders had voted in favor of the sale.
Australian iron ore developer WPG Resources said on Friday it will bring forward its Buzzard direct shipping ore project at Hawks Nest in South Australia. Drilling at the site has already commenced so that the mine can operate in parallel to its flaghship Peculiar Knob project (pictured) growing output to 5 mtpa.
WPG stock received a lift on the news and ended Friday’s trading in Sydney up more than 4%, bringing its gains for the year to 24%.
WPG said detailed drilling, mine planning studies and metallurgical testwork for Buzzard have been completed to develop the project at an initial production rate of 1.7 million mt/year, said WPG.
WPG estimated that it would take 12 months for all necessary Buzzard development permits to be in place. Construction will take another six months, so the mine could be in production at the end of 2012. Peculiar Knob is already fully permitted and erection of mining facilities including a workers village have already commenced. Production is scheduled for later this year.
Click here for the press release.
Image of the Peculiar Knob hill and surrounding land is courtesy of the company. WPG notes that the hill will not be mined; the orebody is in the flat country adjacent to the hill.
