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 Posté le: Lun Sep 30, 2013 11:18 am Sujet du message: Avanti strikes $2 |
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{Avanti strikes $2.7 billion deal over Kitsault mine}
Kitsault mineBy Nelson BennettFri Jun 21, 2013 10:00am PSTAvanti Mining Inc. (TSX-V:AVT) has struck an agreement with ThyssenKrupp Metallurgical Products GMBH, a German industrial trading company, which has agreed to buy half of the molybdenum produced at Avanti’s shuttered Kitsault mine.The Vancouver mining company estimates the agreement could be worth $2.7 billion over the life of the mine, located 200 kilometres north of Terrace.The mine will cost an estimated $1 billion to restart, and Avanti CEO Craig Nelsen said the agreement with ThyssenKrupp should help secure some of the financing needed.“It helps us secure a significant amount of the project debt,” he told Business in Vancouver.The quantity of molybdenum that would be sold and consumed under the agreement Germany qualifies Avanti for a German government-backed loan of $300 million,[url=http://www.ugg-boots-sale.org]ugg outlet[/url], Avanti said.The mine has a certificate from the BC Environmental Assessment Office, but because the application was made before the federal government streamlined the environmental review process, it still must pass a federal environmental review.The Kitsault mine opened in the 1970s, creating the town of Kitsault overnight. But it shut down a few years later, after molybdenum prices fell. Demand for molybdenum, which is used in steel-making, has increased, due largely to demand in China.The town of Kitsault was bought by American millionaire, Krishnan Suthanthiran,[url=http://www.ugg-boots-sale.org]cheap ugg[/url], who has been trying to market it – first as an artist’s retreat and, more recently, as a ready-made town to serve the oil and gas industry. But so far, Kitsault remains a ghost town occupied only by caretakers.If all the necessary approvals are received by fall, Nelsen said the mine could be operating within 25 months.The Nisga’a First Nation has launched a challenge of the provincial government’s approval of the project through an environmental review.nbennett@biv.com@nbennett_bivTags: environment, Avanti Mining Inc., prices, metal, mining, federal government, provincial government, Kitsault
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