Australian Market Report of October 18, 2010: Marengo Mining - Signs Memorandum Of Understanding With China NFC For Copper-Molybdenum-Gold Project In Papua New Guinea
18.10.2010 | ABN Newswire
Sydney, Oct 18, 2010 - Marengo Mining Limited (ASX: MGO) (PINK: MGOMF) has signed a Memorandum of Understanding ('MOU') with China Nonferrous Metal Industry's Foreign Engineering and Construction Co. Ltd ('NFC') (SHE: 000758), paving the way for formal agreements on financing, construction and off-take for Marengo's 100%-owned Yandera Copper-Molybdenum-Gold Project in Papua New Guinea. The project is anticipated to have an initial ore production of approximately 25Mtpa and a potential to reach to 50Mtpa. Construction at Yandera is expected to commence in the first half of 2012.Tap Oil Limited (ASX: TAP) reported that its Manora-4 appraisal well in Thailand was spudded on 14 October 2010. The well is located in the northern Gulf of Thailand in 45 metres of water, approximately 75 kilometres from shore and 230 kilometres south of Bangkok. Drilling at Manora-4 Well was commenced on 14 October 2010 and would last for 25 days in total. Upon completion of evaluation, the well will be plugged and abandoned in the normal course of offshore operations.
Encounter Resources Limited (ASX: ENR) has encountered additional high grade copper intersections from the BM1 prospect at the Yeneena project in Western Australia. Assay results recorded the highest grade copper intersection to date from the project including 2 metres of Cu at 7.6%. In addition, there were a number of thick, near surface intersections of over 1% copper. The planned RC/diamond drill program is to commence next week.
Petratherm Limited (ASX: PTR) is working with the Spanish and Madrid regional governments to advance its 8 MW Madrid Geothermal District Heating project. The Spanish government has provided AUD$140,000 to assist the feasibility stage of the project, which is now near completion. This renewable energy project is expected to be the first application of geothermal district heating in the Madrid region.
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