Antinuclear

Under today’s announced agreement, Tasman will get an immediate cash injection of A$10 million from Rio Tinto and that would see Tasman undertake a A$5 million search programme over Vulcan in the next 12 months. Tasman’s executive chairman Greg Solomon said Rio has the right but not the obligation to earn up to 80% in the project by committing to a two-stage farm-in arrangement by spending up to A$75 million and, in addition, paying Tasman up to A$17 million including the initial A$10 million payment….

The ambitious programme would see Olympic Dam transformed from a big underground mine to an open pit, but the ore system is under about 400 metres of sterile cover and would involve creating mountains of stockpiles in the pancake-flat terrain.

The market is awaiting a decision on Olympic Dam going open cut and it was considered imminent given the fact that South Australian Premier Mike Rann, who is soon to depart, indicated that he wanted to stay in the chair to be able to announce the mine upgrade…. http://www.mineweb.com/mineweb/view/mineweb/en/page103118?oid=137193&sn=Detail&pid=102055