Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Indonesia is now considering deep cuts to nickel mining quotas as it seeks to boost slumping prices of the metal.
SouthGobi Resources Ltd. (TSX:SGQ)(HK:1878) announced today that new, independent estimates prepared by Minarco-MineConsult (“MMC”), have updated coal resources and proven and probable mineral reserves contained at the company’s Ovoot Tolgoi Complex, (comprised of the Ovoot Tolgoi Coal Mine and the Ovoot Tolgoi Underground Deposit). Independent estimates for coal resources have also been updated by MMC for the company’s Soumber Deposit (comprised of the Soumber Field and the Biluut Field).
Total proven and probable surface coal reserves estimated at the Ovoot Tolgoi Complex as of December 11, 2010, are estimated to be 106.8 million tonnes. Approximately 59% of the reserves are classified as proven; the remaining 41% are in the probable category.
Ovoot Tolgoi surface and underground resources contain measured and indicated coal resources of 266.2 million tonnes (approximately 7% increase), with additional inferred coal resource of 97.1 million tonnes — about a 190% increase.
Ovoot Tolgoi resources are found in two different areas, referred to as the Sunrise and Sunset fields. The resources are suitable for surface mining to a maximum depth of 300 metres and potential underground mining between a depth of 300 metres below surface to a maximum depth of 600 metres.
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