Asian Mineral Resources suspends Vietnam nickel mine over government policy uncertainties
29-SEP-2008 Intellasia | Market Wire
Sep 29, 2008 - 7:00:00 AM
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Asian Mineral Resources Limited ("AMR" or the "Company") announced today that development activities on the Company's Ban Phuc nickel project will be suspended effective October 1, 2008. The Co has been unable, as the result of a combination of factors, including current market conditions and uncertainties regarding Vietnamese government policies on nickel concentrate exports, export tariffs, royalties and taxes, to obtain commitments to provide the financing required for project completion so as to permit work to continue as scheduled. The suspension will be implemented in a manner designed to maximise the value of expenditures to date, maximise cash conservation, minimise the costs of project completion on a delayed basis and provide AMR with a sufficient opportunity to resolve the various Vietnamese issues and to continue discussions and negotiations with potential providers of the required finance, including major shareholders.
"We are obviously disappointed not to be able to proceed with planned Ban Phuc development to achieve start-up with first production scheduled for June 2009," commented Collin Ellison, the President of AMR, "but prudence dictated that we suspend development and conserve enough of our remaining financial resources to give us time to deal with various issues and to continue our financing efforts. We still have a robust project that lacks only the ingredients of financing and the resolution of the Vietnamese issues we have identified in a manner that benefits both parties."
Company Profile:
Asian Mineral Resources Limited is developing the Ban Phuc Nickel/Copper Project in north-western Vietnam in which it has a 90% interest.
For further details on the Co and the Project, please refer to the website at www.asianminres.com.
Contact information
Asian Mineral Resources Limited
Collin Ellison
President
(416) 360-3412
or
Asian Mineral Resources Limited
Paula Kember
CFO
(416) 360-3412
Fax: (416) 367-1954
Email: info@asianminres.com
Website: www.asianminres.com
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