And now they are saying that they will make savings. These guys have to be the biggest clowns on the ASX! I thought the announcement about gold prospectors was good, this just tops it off.
Fox to restart Pilbara mine next year 1-December-09 by Staff Reporters
Fox Resources says it will restart production at its Radio Hill operation in the Pilbara earlier than expected and has forecast $16 million in savings in the first year of operation.
The decision to return to mining was based on successful metallurgical testwork started in May this year, and was expected to take 12 months to complete.
"... based on the recent successful column recoveries of nickel, copper and cobalt metal and production of high value end products, the company has decided to proceed with plans to return to production," Fox said.
The company expects to restart production in the September quarter of 2010.
"This development represents a new approach to the Company's assets, with cost savings of approximately $16 million expected in year one due to the absence of mining and crushing required for material stockpiled on surface," Fox said.
"Surface material is estimated to contain 4,000 tonnes of nickel metal and 4,000 tonnes of copper metal."
FXR Price at posting:
23.8¢ Sentiment: Sell Disclosure: Not Held
