Microsoft Word - CDU_CuDeco welcomes resources minister to Cloncurry project_21 Jun 16_final
MEDIA RELEASE 21 June 2016
CUDECO WELCOMES RESOURCES MINISTER IN NEW BOOST FOR CLONCURRY PROJECT
CuDeco Limited (ASX:CDU) welcomed today the visit of the Hon. Dr Anthony Lynham, Queensland Minister for State Development and Minister for Natural Resources and Mines, to its Rocklands Operations as further recognition of the importance of CuDeco's flagship Cloncurry project to the North-West Queensland mining industry.
Leading a delegation from the Department of Natural Resources and Mines, the Minister was greeted by CuDeco's Managing Director, Dr Dianmin Chen and Rocklands General Manager, Mark Roberts, who reaffirmed CuDeco's commitment to generating new jobs and other economic benefits for the local community.
Welcoming the delegation, Dr Chen said the official visit was a vote of confidence in Rocklands and the future of the state's mining industry.
"Rocklands is making a vital contribution to new jobs, investment and economic growth in Queensland. Government support is crucial to maintaining community confidence in the mining industry's social 'licence to operate' and we are keen to meet the expectations of all stakeholders as we deliver this important new project," Dr Chen said.
The Hon. Dr Anthony Lynham was happy to visit Cudeco's Rocklands Operations, commenting: "There's no better time to commission the process plant and this will significantly benefit the local economy in a large way."
Rocklands is expected to generate more than 200 jobs at full production, creating up to 400 new jobs in the North Queensland region due to economic spin-offs, and CuDeco has committed to maximising local employment opportunities, including scholarships for the local Indigenous community.
CuDeco has injected millions of dollars into the regional economy through its flagship project, with Rocklands set to deliver significant royalties to the state of Queensland during its operational life, providing further benefits to the whole community.
Dr Chen said CuDeco was now focused on completing the construction and commissioning of Rocklands safely and smoothly and as quickly as possible.
CuDeco recently announced the start of ore feed commissioning, with the Company now working to increase the amount of ore processed through the plant and further optimise performance ahead of the first targeted shipment of native copper prior to the end of June.
On June 21, CuDeco announced the signing of a term sheet with major shareholder China Oceanwide International Investment Co. for the offtake of all native copper from Rocklands, an agreement which provides further financial security for the project.
The Company now expects the first sulphide copper concentrate to be produced in July and first shipment of copper concentrate either in late September or the first half of October 2016.
"CuDeco's management, operators and contractors are all focused on delivering this important new project for the future of Cloncurry. Rocklands can help ensure the region continues to benefit from its minerals wealth for generations to come, underpinned by the support of government and all other stakeholders," Dr Chen said.
About CuDeco
CuDeco Ltd (ASX code: CDU) is an ASX-listed mining company that specialises in mineral exploration and is currently transitioning into a major producer of mineral concentrates. Its flagship Rocklands Operations is located near Cloncurry, North-West Queensland, with the project nearing the completion of construction and commissioning ahead of the first targeted shipment of product in June.
For more information on the company, please visit www.cudeco.com.au
The Hon. Dr Anthony Lynham visits Rocklands, 21 June 2016. Right to left: Rocklands General Manager Mark Roberts, CuDeco Managing Director Dr Dianmin Chen, the Hon. Dr Anthony Lynham and CuDeco Non-Executive Director Peter Hutchison