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Source: ITRI Ltd
Traders in queue for tin (21 Sep 2011)
Total opening stocks in LME exchange warehouses on 20 September stood at 21,020 tonnes, of which 3,320 tonnes were cancelled warrants (ie waiting to be withdrawn). Most LME tin stocks are held in Singapore and Malaysia, and there are reports of long delays in moving the metal out of the Johor warehouses in Malaysia. One tin trader was told it would take six weeks to withdraw two containers from Johor.
The aluminium and zinc traders have had problems with delays in moving metals for some time but the impact is now being felt in the tin market. The run on LME tin stocks is mainly related to strong demand from China, where the local physical market price remains at a very large premium to the LME price.
Kasbah filling in the Gap (21 Sep 2011)
ASX-listed Kasbah Resources has reported encouraging exploration drilling results in an area between the two mineralized zones included in its current resource model for its Achmmach project in Morocco. Ore grading between 0.48% and 2.37% Sn has been found in the Gap zone between the Meknes and Eastern zones.
The current indicated and inferred JORC resource is 7.0 million tonnes of ore at an average 0.8% Sn, containing 54,000 tonnes of tin. A pre-feasibility study is due to be completed in the first quarter of next year. The Achmmach project is due to start up in 2013, with planned annual capacity of some 5,600 tpy of tin-in-concentrate.
Venture makes mining application for Mt Lindsay (19 Sep 2011)
Following a successful pre-feasibility study in March, ASX-listed Venture Minerals Limited has submitted a Mining Lease Application to the Registrar of Mines, Mineral Resources Tasmania for the Mt Lindsay Tin/Tungsten Project in northwest Tasmania. A bankable feasibility study on the project is due to be completed in the first half of 2012.
There has recently been some local political opposition to the mine on environmental grounds, as part of the mine site is within the Tarkine wilderness area. However, the Tasmanian state government is backing the project as the state government desperately wants to see lucrative projects such as the multi-million dollar Mt Lindsay tin mine reach fruition. Venture Minerals says the Mt Lindsay mine could generate up to A$250 annually, more than the local dairy, beef and wine industries combined. Construction of the mine and infrastructure would create 1,000 jobs and up to 200 people would be employed at Mt Lindsay if the mine reached full production. Hong Kong group takes stake in Mt Garnet project (16 Sep 2011)
Consolidated Tin Mines has secured Hong Kong-based Snow Peak International Investment to take up its initial placement of A$1.6 million designed for its Mt Garnet tin project in Queensland. This is the first tranche in a proposed long-term investment in Consolidated Tin, designed to see Mt Garnet through to production. Snow Peak is a significant Chinese investment group with interests in property development in Hangzhou in the Zhejiang Province of China, and in Hong Kong.
Located near Cairns in North West Queensland, Mt Garnet comprises three key deposits – Gillian, Pinnacles and Windermere. Consolidated Tin is investigating a major low-cost open pit mining operation as part of a current prefeasibility study at Mt Garnet. The work is aimed at confirming an initial resource base of 8-10 million tonnes of tin to support a 1 Mtpa capacity operation producing around 5,000 tpy of tin-in-concentrate. Resources at the property currently stand at 7.3 Mt grading 0.6% tin, including a measured resource of 1.2 Mt at 0.82% tin from the Gillian deposit.
Conflict free smelter protocol released (16 Sep 2011)
The electronics industry groups EICC and GeSI have announced the release of their initial Conflict Free Smelters (CFS) programme audit protocol for tin. ITRI members will review this document now that it has been made available to them. ITRI will continue to work with the EICC on the supplementary documents that also need to be finalise before any audit might begin.
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