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Quadra FNX Receives Anti Trust Approval For Sierra Gorda Joint Venture
Publié le 31 août 2011
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Re: News Release - Wednesday, August 31, 2011
Quadra FNX Receives Anti Trust Approval For Sierra Gorda Joint
Venture
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Vancouver, Canada - August 31, 2011 - Quadra FNX Mining Ltd. (the
"Company" or "Quadra FNX") (TSX: QUX) is pleased to announce that,
together with Sumitomo Metal Mining Co., Ltd and Sumitomo Corporation
(collectively "Sumitomo"), it is in receipt of anti-trust approval from
the Ministry of Commerce of the People's Republic of China,
Anti-Monopoly Bureau to form the Sierra Gorda Joint Venture and develop
the Sierra Gorda copper-molybdenum project in Chile (see Press Release
May 16, 2011). The Joint Venture is expected to close by September 14,
2011 at which time Quadra FNX will own 55% of the Sierra Gorda project,
with Sumitomo owning the remaining 45%. As part of the closing, Quadra
FNX will receive reimbursement of construction and related costs
expended since May 1, 2011.
Paul Blythe, President & CEO comments, "The receipt of anti-trust
approval was the last condition required to close the Joint Venture
with Sumitomo. With their commitment we have a financing structure in
place, as well as all the permits that are required for the project. In
the meantime, development has continued in accordance with the schedule
outlined in the feasibility study, and site earthworks and construction
of support facilities have begun. The mobile equipment will arrive in
September with the delivery of the first of the Caterpillar 73 cubic
yard shovels. Process and electrical equipment ordering has continued
on plan, along with detailed engineering and Build Own Operate contract
negotiations, and the project remains on track to commence production
in 2014."
About Quadra FNX Mining Ltd. (TSX: QUX)
Quadra FNX Mining Ltd. is a leading mid-tier copper mining company with
corporate offices in Vancouver, B.C. and Toronto, Ontario. Quadra FNX
produces copper, nickel and precious metals from its operating mines:
Robinson in Nevada, Carlota in Arizona, Franke in northern Chile, and
McCreedy West, Levack, which includes Morrison, and Podolsky in
Sudbury, Ontario. The Company has two key development projects,
including the Sierra Gorda copper-molybdenum project in Chile, and the
Victoria project, an advanced exploration project in Sudbury. Quadra
FNX employs approximately 1,900 people in North and South America.
Forward-Looking Statement
This Press Release contains "forward-looking information" that is based
on Quadra FNX's expectations, estimates and projections as of the dates
as of which those statements were made. This forward-looking
information includes, among other things, statements with respect to
the timing of the closing of the Sierra Gorda JV, the development and
construction of a mine at the Sierra Gorda project, financing plans for
Sierra Gorda, and anticipated timing of production at the Sierra Gorda
project. Generally, this forward-looking information can be identified
by the use of forward-looking terminology such as "outlook",
"anticipate", "project", "target", "believe", "estimate", "expect",
"intend", "should", "scheduled", "will", "plan" and similar
expressions. Forward-looking information is subject to known and
unknown risks, uncertainties and other factors that may cause Quadra
FNX's actual results, level of activity, performance or achievements to
be materially different from those expressed or implied by such
forward-looking information, and developed based on assumptions about
such risks, uncertainties and other factors set out herein, including
but not limited to:
- Our ability to successfully bring the Sierra Gorda project into
production;
- Fluctuation in prices of plant, equipment and other capital
required at the Sierra Gorda project;
- Receipt of all permits required for the Sierra Gorda project;
- The ability of our key contractors to perform the services for us in
the manner contracted for;
- The plans currently in place with respect to securing adequate
sources of water, power and other infrastructure to the site;
- The availability and cost of key operating supplies and services and
in particular shortages of critical supplies such as tires, steel and
key items of equipment;
- Delays in construction of the power transmission line; MOFCOM
Approval August 31 2011 Page 2
- The production facilities may not achieve the planned desired
recoveries;
- Uncertainties as to the impact on the molybdenum market of the
quantity anticipated to be produced;
- Uncertainties as to the availability and price of a long term power
supply;
- Fluctuations in metal prices;
- Fluctuations between the Chilean peso and the US dollar;
- Insurance coverage may not be available for certain risks that the
company might deem it prudent to insure against;
- The highly competitive labour market in the mining industry in
general and Chile specifically may have an adverse effect on the
company's ability to attract and retain qualified people;
- Actual capital costs, operating costs and expenditures, production
schedules and economic returns from the Company's mining projects;
- Geotechnical issues; specifically pit slope stability;
- The mineralogy and block model assumptions;
- The ongoing litigation and potential future litigation at the Sierra
Gorda Project;
- Potential challenges to title to the properties;
- Seismic events at the Chilean sites;
- The dependence on transportation facilities and infrastructure;
- The actual costs of reclamation may vary from original estimates;
- Inherent hazards and risks associated with mining operations;
- Inherent uncertainties associated with mineral exploration;
- The mining industry is competitive;
- Being subject to government regulation, including changes in
regulation;
- Being subject to extensive environmental laws and regulations,
including change in regulation;
- Need for governmental licenses and permits;
- Derivative contracts and exposure to the credit risk of
counter-parties;
- Taxation;
- Political and country risk;
- Fluctuations in foreign currency exchange rates; and
- Global financial conditions.
A discussion of these and other factors that may affect Quadra FNX's
actual results, performance, achievements or financial position is
contained in the filings by Quadra FNX with the Canadian provincial
securities regulatory authorities, including Quadra FNX's Annual
Information Form. Forward-looking statements are based on assumptions
management believes to be reasonable, including but not limited to the
continued operation of Quadra FNX's mining operations, no material
adverse change in the market price of commodities, that the mining
operations will operate in accordance with Quadra FNX's public
statements and achieve its stated production outcomes, and such other
assumptions and factors as set out herein. Although Quadra FNX has
attempted to identify important factors that could cause actual results
to differ materially from those contained in forward-looking
statements, there may be other factors that cause results not to be as
anticipated, estimated or intended. There can be no assurance that
forward-looking statements will prove to be accurate. Accordingly,
readers should not place undue reliance on forward-looking statements.
Quadra FNX disclaims any intent or obligations to update or revise
publicly any forward-looking statements whether as a result of new
information, estimates or options, future events or results or
otherwise, unless required to do so by law.
- 30 -
Media and Investor Relations Contact:
Derek White
Executive Vice President, Corporate Development
(604)-699-3063
Nawojka Wachowiak
Vice President, Investor Relations
(416) 985-8317
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Copyright (c) 2011 QUADRAFNX MINING LTD. (QUA) All rights reserved.
For more information visit our website at http://www.quadrafnx.com/ or
send mailto:info@quadrafnx.com
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