Description
Exco Resources Ltd has a clear development strategy for its highly prospective project portfolio. The portfolio currently includes the White Dam Gold Project in South Australia and the Cloncurry Copper Project in NW Queensland.
Share Price
Recent Exco Resources Ltd news
- 04/03/2010 Fox-Davies Capital bullish on Exco Resources after Mt Colin copper resource upgrade
- 04/03/2010 Exco Resources Mt Colin resource adds to options at Cloncurry Copper Project
- 29/01/2010 Exco Resources on track for first gold in spring 2010 at White Dam
- 18/01/2010 Fox-Davies ups Exco Resources target price to A$0.65, still 'buy'
- 10/08/2009 UK Broker, Fox Davies places $0.58 price target on Exco Resources
Presentations & Company Media
Related Research & Media
Company Statement:
Exco Resources Ltd (EXS) is an Australian focused ASX listed mining company that has been operating for over ten years. Exco focuses on resource and project development through its team of experienced geologists, engineers and commercial specialists. The Company has a dual focus on developing both the White Dam Gold Project in South Australia, and the Cloncurry Copper Project (CCP) in north-west Queensland.
Current Operations:
The White Dam Gold Project The White Dam Project is located in South Australia, approximately 80kms west of Broken Hill. The project has a resource base of 10.12Mt grading 1.04g/t of gold (338 000oz of contained gold). Approvals are in place for the development of a project encompassing an open pit mine, dump/heap leach, gold extraction plant and associated infrastructure.
The project is subject to a planned joint venture arrangement under which Polymetals Group Pty Ltd (Polymetals) will acquire a 25% interest and manage the implementation and operation of the project. Exco and Polymetals are currently finalising the joint venture arrangements, and discussions in relation to the financing of the project are underway with a number of interested parties.
Infrastructure requirements for the operation include a bore-field located adjacent to the operation, a camp and generators for power. Mining will be carried out on a contract basis and staff will be housed in the town of Broken Hill as far as possible.
Ore will be mined from a shallow (50m deep) pit using conventional blast, excavate haul technology. Ore will be placed on a heap adjacent to the pit. The pit has a low strip ratio of 1.08. The leach dump will be constructed in a staged sequence and 5Mt of material will be leached over a two and a half year period. Test-work has demonstrated that the ore at White Dam is well suited to dump leaching conditions. Approximately 120, 000 oz of gold will be extracted in the wet recovery plant using activated carbon technology. The second hand plant acquired for gold recovery has been refurbished and will be relocated to the mine site once project finance has been secured.
Development of the project will require ~A$20M of capital (including working capital) and is expected to take approximately six months. Exco has recently completed a share placement to raise $7.2M, through the issue of 30.6M shares at 23.5cps . The primary purpose of the placement was to fund Exco's share of the development costs for the White Dam Project. At current gold prices of A$1200 per oz the project is expected to have an operating margin of ~A$600 per oz and will generate ~A$41M in free cash-flow for Exco. Upside resource potential exists at the Vertigo deposit and other local prospects in the area. These targets will be investigated after production commences.(Read More)
The Cloncurry Copper Project The Cloncurry Copper Project (CCP), located approximately 40km north east of the town of Cloncurry contains both exploration and mining leases and hosts the flagship E1 Camp, Monakoff and Great Australia deposits. Resources delineated for the project to date total 51Mt at 0.84% copper and 0.23g/t gold. The project is located 8km east of the existing Ernest Henry Mine owned by Xstrata in a region well serviced by infrastructure.
Exco is currently completing a Definitive Feasibility Study (DFS) on the CCP. The DFS will focus on an operation to treat 2.5 to 3Mtpa through a concentrator facility located at the E1 Camp. At this throughput the project will produce ≥25,000 tonnes of copper and 19 0000oz of gold in concentrate per annum with potential for substantial by-product credits from cobalt and magnetite.
A significant metallurgical test-work program has been completed for the project and the metallurgical characteristics of the ore have been well defined. Conventional blast, excavate and haul mining techniques will be utilized to recover the ore from open cut pits. Ore will be mined from two areas, the E1 Camp and the Monakoff Deposits to the south and will be transported from Monakoff to a processing facility to be located at the E1 Camp. Pit designs indicate a maximum mining depth of 250m and average strip ratios of 4.5:1. Processing of the ores will be by means of conventional crushing, grinding and flotation to produce a sulphide concentrate that will be shipped to third parties for smelting and refining.
Water will be sourced primarily from pit dewatering and importantly, the CCP has been granted “Regional Significance” by the Queensland government, paving the way for water licensing from sub-artisanal aquifers. In conjunction with the Definitive Feasibility Study, an Environmental Impact statement for the project will be submitted in mid 2009. Exco is targeting commencement of construction in 2010 and first production in 2011. (Read More)
The Company’s major shareholders, including Ivanhoe Mines and the Lion Selection Group, are committed to unlocking value from this highly prospective portfolio of projects, and looks forward to keeping shareholders informed of developments.
Management
BARRY SULLIVAN - BSc(Min), ARSM, FAusIMM, MAICD Chairman - Non Executive
Mr Sullivan is an experienced Mining Engineer who has had a successful career in the mining industry, both in South Africa with Anglo American (1969 - 1974) and in Australia with MIM from 1974 to 1995. He had six years as Executive General Manager at Mount Isa, in which capacity Barry was responsible for total operations including regional exploration, four underground mines and one open cut mine, power stations, dams, comprehensive support services such as workshops, chemical laboratory, medical centre etc.
During the year, Mr Sullivan served as Non executive Director of Sedimentary Holdings Ltd. and Allegiance Mining NL (resigned 17 July 2008) and was appointed as Non executive Director of Catalpa Resources (formerly Westonia Mines) in June 2008.
MICHAEL ANDERSON, BSc (Hons Mining Geology), PhD, ARSM Managing Director
Mr Anderson is a graduate of the Royal School of Mines with a PhD and Honours in Mining Geology. He has over 16 years experience in the southern African and Australian mining industries. His experience has been broad-based extending from exploration geology with Anglo American, through metallurgy and process development with Mintek, to the provision of multi-disciplinary EPCM and project development services with engineering consultancy groups Bateman and Kellogg Brown & Root.
Prior to joining Exco Resources, Mr Anderson was Group Manager for Business Development with Gallery Gold Limited where he was responsible for developing and implementing corporate strategy including project development activities in both Botswana and Tanzania.
ALASDAIR COOKE, BSc (Hons Geology), MAIG Executive Director
Mr Cooke is one of the founding Directors of Exco Resources and has 21 years of experience in the resource exploration industry throughout Australia and internationally.
He is a qualified geologist and throughout his career, has been involved in mineral exploration and corporate development, including eight years spent with BHP Minerals Business Development Group and over ten years managing public resource companies.
Mr Cooke is a founding partner of the Mitchell River Group, which over the past eight years has established a number of successful resource companies, including ASX listed Sally Malay Mining Ltd (operating the Sally Malay and Lanfranchie Nickel Projects in Australia), AIM and ASX listed Albidon Ltd (operating the Munali Nickel Project in Zambia), ASX listed Mirabela Nickel Ltd (developing the Santa Rita Nickel Project in Brazil) and ASX listed African Energy Resources Ltd (developing uranium projects in Africa). Mr Cooke is a former director of Sally Malay Mining Ltd and is also currently an Executive Director for African Energy Resources Ltd, Energy Ventures Ltd, Albidon Ltd and Oval Biofuels Ltd.
CRAIG BURTON, LLB, BJuris Non Executive Director
Mr Burton is a corporate solicitor and an experienced and active investor in start-up projects and businesses, both publicly listed and private.
Over the last 16 years he has co-founded numerous development companies, with a focus on the resources, oil and gas, mining services and agribusiness sectors. He often takes on a commercial executive role to assist the early development of such companies.
Mr Burton is currently an Executive Director of Mirabela Nickel Limited and a Non-Executive Director of Wildhorse Energy Limited, Matra Petroleum plc, Solimar Energy Limited, Rewards Group Limited and Capital Drilling Limited. He has a Bachelor of Laws degree from the University of Western Australia and is a member of the Australian Institute of Company Directors.
PETER REEVE Non Executive Director
Mr Reeve has a Bachelor of Science (Metallurgy) from RMIT University and has been involved in the Australian Resources Industry for approximately 25 years.
His industry experience includes positions with Rio Tinto, Shell-Billiton and Normet Consulting, a metallurgical consulting firm, before joining Goldman Sachs/JBWere in Investment Management and Corporate Finance roles relating to the Australian Resource Industry.
In 2001, Peter joined Newcrest Mining Ltd., as part of the Executive Committee responsible for corporate development and market related aspects for the group, a position that he occupied until 2006.
Mr Reeve is a director of Ivanplats Syerston Pty Ltd, Ivanplats Holding Company Pty Ltd and Ivanplats Services Pty Ltd (all Australian subsidiaries of Ivanhoe Nickel & Platinum Ltd.) and is currently Chief Executive Officer and a Director of Ivanhoe Australia Limited (Exco’s major shareholder).
EAMON BYRNE, FCCA Chief Financial Officer / Company Secretary
Mr Byrne is a qualified accountant with over 20 years experience in the mining and resources industry. Prior to joining Exco, Mr Byrne worked for Albidon Limited, Woodside Petroleum and WMC Resources Ltd on a range of Australian and international projects. His experience, prior to his involvement in the mining industry, includes retailing, manufacturing and distribution.
For more information on the Management Team please CLICK HERE
Major Shareholders
|
Ivanhoe Australia |
|
19.9% |
|
Lion Selection Group |
|
10.4% |
|
Alasdair Cooke |
|
6.4% |
|
Top 10 Shareholders |
|
56% |
Updated by Exco 19.06.2009
Contact Information
Head Office / Registered Address:
Level 2, 8 Colin St
West Perth, Western Australia 6005
Telephone:+61 8 9211 2000
Facsimile: +61 8 9211 2001
Email: info@excoresources.com.au
Postal Address:
PO Box 1726
West Perth, Western Australia 6872
Corporate Information
Share Registry
Advanced Share Registry Services
Unit 2, 150 Stirling Highway
Nedlands Western Australia 6009
PO Box 1156
Nedlands Western Australia 6909
Telephone: +61 8 9389 8033
Facsimile: +61 8 9389 7871
Website: www.advancedshare.com.au
Stock Exchange
Australian Stock Exchange Limited
Code: EXS (Shares)
Telephone: +61 8 9323 2000
Facsimile: +61 8 9323 2033
ASX Website: www.asx.com.au
Auditors
KPMG
152-158 St George's Terrace
Perth Western Australia 6000
Telephone: +61 8 9263 7171
Facsimile: +61 8 9263 7129
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