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  1. #36
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    October 13, 2008 -- Terramin Australia has upgraded the zinc and lead resource at its Algerian project by 12 per cent.

    The Adelaide company said yesterday that the Tala Hamza deposit on the Algerian coast now contained 58.6 million tonnes of ore containing 3.8 million tonnes of metal.

    The company exceeded its target of 20 million tonnes in the "indicated" category of mineral confidence, with 24.8 million tonnes identified.

    Executive chairman Kevin Moriarty said this core deposit would form the basis of initial mining studies.

    The company now planned to complete its pre-feasibility study on the Tala Hamza project in December.

    The full feasibility study was scheduled for completion early next year, when Terramin would also apply to the Algerian Government for a mining lease.

    Dr Moriarty said only about one third of the deposit had been drilled so far, with work to date focused on the high grade areas which would underpin the initial mining operation.

    "The geological picture emerging from our work shows high grades continue beyond the drilled perimeter,'' he said.

    "This project gets more promising the more we put into it.''

    Dr Moriarty said the indicated resource was expected to support an initial mining operation processing two million tonnes of ore a year, with the aim of expanding this to four to five million tonnes a year. To put this in context, Terramin's Angas mine near Strathalbyn has a total ore reserve of 2.34 million tonnes, with an expected yearly production rate of 400,000 tonnes.

    Three drilling rigs were stationed at Tala Hamza working on collecting data for the siting of access tunnels, and doing sterilisation drilling to identify areas for the plant and tailings storage.Terramin holds 65 per cent of the Tala Hamza project with the Algerian Government owning the rest.

  2. #37
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    November 6, 2008 -- Terramin Executive Chairman, Dr Kevin Moriarty is headed to the Middle East to progress funding arrangements for the company’s world class Tala Hamza project in Algeria. Dr Moriarty has been invited by the Algerian Government to join a panel discussing the country’s privatisation strategies and will then meet Middle Eastern fund managers considering investment in Terramin.

    He said, “We are talking to corporates in the Middle East with capital reserves,” said Dr Kevin Moriarty, who departs next week. The Tala Hamza zinc and lead prospect has the potential to become a top five ranked global producer.

    The Algerian Tala Hamza zinc and lead prospect will be in a position to take advantage of likely firmer zinc prices over the next two years due to logistical advantages similar to those enjoyed by Terramin’s Angas mine at Strathalbyn. It will be a low cost producer with low capital investment for the scale of the project.

  3. #38
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    February 3, 2009 -- Terramin has announced the pre-feasibility study for Terramin’s Algerian zinc project is almost complete and capital costs for a Tala Hamza mine have been reduced by at least 20% through savings on infrastructure costs due to its favourable location close to port, town, water and power supplies.

    At this stage the study shows capital of less than US$290 million, compared with $356 million in the scoping study. Terramin has a 65% interest in the project and will arrange the financing facility for the holding company.

    The pre-feasibility study has benefitted from detailed quotes by engineering companies with experience in the region and incorporates a substantial contingency.

    Financing

    Financing will not be required until 2010, however Terramin has been supporting due diligence by potential facility providers who have contacted the Company to express interest. These include large China and East Asia zinc producers interested in offtake in return for funding. Four funds whose mandate includes or specifies a North Africa focus are also advancing their involvement with the project and Terramin, stating that they have been able to invest only a small portion of available funding in the region.

    Terramin is negotiating funding with Asian and Middle East based parties and has been contacted by Algerian and foreign banks wanting to invest in the project because it is one of only a few that remain viable in current conditions.

    Executive Chairman of Terramin, Dr Kevin Moriarty, said that Terramin and its Algerian partners expect no difficulty in financing the project. “Our banks and fund managers have told us that good projects can be funded,” said Dr Moriarty, “more than $1 billion in investment funds is available for projects in the region. We expect to be announcing ongoing funding in the near future.

    He cautioned that, “Shareholders should not be overly influenced by the views of analysts focused on the big financial centres. An institutional broker with Middle East and North African representation is soon to commence coverage of Terramin, and that should provide a more reliable view of regional financial backing for the project. Growth will resume and Terramin is well positioned with low cost projects that are attracting support from investors looking to the recovery.”

  4. #39
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    March 30, 2009 -- Terramin Australia has formed separate partnerships that will help finance its Tala Hamza development in Algeria.

    The deals with global non-ferrous commodities trading house Transamine and China Non-Ferrous Metals Industry's Foreign Engineering and Construction Company Ltd (NFC) involve shares and convertible notes.

    "The new strategic relationships are a significant endorsement of the company's business plan and our focus on a portfolio of quality assets, particularly in the context of the continuing global credit crunch," Terramin executive chairman Kevin Moriarty said in a statement today.

    "Proceeds will be allocated to accelerate the feasibility.

    "The package includes sufficient funds for the early construction of twin access declines, reducing the lead time to production."

    Its stock was up 20.88 per cent, or 9.5 cents, to 55 cents at 1127 AEDT.

    Under the transactions, Terramin will issue shares at 65 cents each in three tranches totalling $17.5 million.

    It will also issue a further $US20 million in convertible notes and shares linked to the completion of project milestones for the Tala Hamza mine.

    The deal with Transamine comprises three tranches beginning with the issue of 11.54 million shares at 65 cents each to raise $7.5 million.

    After completion of the Tala Hamza pre-feasibility study in early April 2009, Terramin will issue US$10 million of unlisted, unsecured convertible redeemable notes to Transamine.

    Following a decision to mine, Terramin can issue a further $US7.5 million of convertible redeemable notes and issue ordinary shares at an issue price equal to the volume weighted average price of Terramin shares over the five days immediately preceding the date of issue, to raise a further $US2.5 million.

    Terramin and Transamine have also agreed a five-plus-five year offtake agreement for the purchase of up to 100,000 tonnes per annum of zinc and 40,000 tonnes per annum of lead concentrate from the Tala Hamza mine.

    Transamine will seek to use its offtake rights to access support from smelters to supplement bank finance for the development phase.

    The transaction with China's NFC will involve an NFC representative joining the Terramin board. Terramin said this will "bring access to major Chinese banks to finance the Tala Hamza project development.

    "This access to funding is important to ensure the project is ready to commence production as zinc demand and prices recover."

    Under the terms of the agreement with NFC, Terramin will issue 15.5 million ordinary shares at 65 cents each to raise $10.075 million.

    The agreement with Shenzhen Stock Exchange listed NFC provides for the non-exclusive right to tender for the construction phase of the Tala Hamza project.

    "With existing ventures in Algeria, NFC has expertise to make an early start on construction and to provide a plant design suited to Algerian operating conditions," Terramin said.

    The NFC share subscription is subject to Foreign Investment Review Board and Chinese government approval, and satisfactory completion of due diligence.

    The issue of a substantial portion of the NFC share subscription and issue of a US$10 million convertible note to Transamine will be subject to the approval of shareholders at the Terramin annual general meeting on May 28.

  5. #40
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    April 8, 2009 -- Adelaide-based Terramin Australia Ltd says its North African Tala Hamza zinc deposit is commercially viable, despite falls in commodity prices.

    In a pre-feasibility study released to the Australian stock exchange on Wednesday, Terramin said Tala Hamza, which was in Algeria, was expected to produce 250,000 tonnes of zinc and lead concentrate each year, eventually climbing to as much as 500,000 tonnes.

    "Even at the current low levels of commodity pricing, the Tala Hamza deposit could be developed successfully as a long-term project," the company said.

    At 1405 AEST Terramin shares were trading up 4.5 cents, or 6.92 per cent, to 69.5 cents.

  6. #41
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    Mercredi 22 Avril 2009 -- La décision de développement concernant le gisement de zinc et de plomb de Oued Amizour devrait être prise à la fin de l’année 2009 ou au début de l’année 2010, a indiqué à El Watan Jean Pierre Wilhem, vice-président de Terramin, le partenaire australien et PDG de la compagnie WMZ (Western Mediterranean Zinc) en charge du projet de la mine de plomb et de zinc de Oued Amizour. L’étude de préfaisabilité a été achevée et celle de la faisabilité devrait être bouclée à la fin de cette année. Après la clôture de l’étude, les actionnaires qui détiennent le permis prendront la décision de développer le projet qu’ils soumettront aux autorités pour obtenir le permis d’exploitation. La construction devrait prendre deux années et l’entrée en production du gisement pourrait se faire vers 2012. Le prix du zinc qui a chuté ces derniers temps, en passant de 3000 dollars la tonne en 2008 à 1000 dollars devrait reprendre une fois la crise économique passée. Ces derniers jours, le prix du zinc a dépassé la barre des 1500 dollars la tonne. À partir de 2000 dollars la tonne, le projet devrait être rentable, selon les experts. De plus, 2012 sera une année qui verra l’arrêt de la production de l’une des plus grandes mines au monde située au Canada et dont la production se situe autour de 500 000 t par an.

    Les actionnaires dans ce projet sont au nombre de trois : Terramin Australia qui détient 65%, l’Enor qui détient 32,5% et l’ORGM qui détient 2,5%. Alors que les prévisions d’investissement étaient situées aux alentours de 350 millions de dollars pour la construction des installations, l’étude a abouti à une révision du montant de l’investissement qui devrait si situer autour de 266 millions de dollars, selon le responsable de la compagnie. Le potentiel en place a déjà été revu à la hausse après les forages effectués. Si lors de la découverte du gisement, l’ORGM avait tablé sur des réserves de 30 millions de tonnes, le travail d’exploration entamé par Terramin a fait doubler l’estimation des réserves en place. Celles-ci seraient de 58,6 millions de tonnes environ. La question de l’environnement qui pourrait être posée lors de la prise de décision de développement est gérée actuellement. Le site reçoit les visites de représentants du ministère de l’Environnement ainsi que ceux de l’Agence du contrôle minier, selon le responsable de la compagnie mixte. À propos du financement, le projet ne devrait pas poser de problèmes, selon le PDG de WMZ. Les banques publiques ont donné un accord de principe déjà. Le projet pourrait être ainsi financé localement. D’autres solutions existent aussi, puisque Terramin a déjà été approché par des acheteurs potentiels du produit, y compris les Chinois, et cela constitue une garantie pour les banques et pour la mobilisation du financement vu que le gisement de Tala Hamza est considéré de classe mondiale. Il occuperait la 5e place au monde. Pour la région, le projet devrait créer environ 400 emplois directs sans compter les emplois indirects.

  7. #42
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    April 30, 2009 (Bloomberg) -- Terramin Australia Ltd., an Australian zinc and lead producer, will start financing talks in China next month for its planned $266 million Tala Hamza zinc and lead mine in Algeria.

    China Nonferrous Metal Industry Foreign Engineering and Construction Co., which bought an 11 percent stake in Terramin last month, “will be introducing us to their various backers,” including China Development Bank Corp., Kevin Moriarty, chief executive officer of the Adelaide-based company, said today.

    China, the world’s biggest buyer of metals, may spend more than $500 billion on overseas resources investments over the next eight years to secure supplies, according to Deloitte Touche Tohmatsu. China Nonferrous wants to boost its holding and participate in new ventures, Moriarty said.

    “We don’t envisage any problems with financing the construction, and nor do our new partners,” Moriarty said in an interview in Melbourne, adding that he and Chief Financial Officer Martin Janes are due in China in the middle of next month for a variety of meetings. China Nonferrous “are keen for us to look and acquire more projects so they want to back us,” he said.

    Terramin, which started production from its Angas zinc and lead mine in South Australia state last July, was unchanged at 64.5 cents at 11:35 a.m. Sydney time on the Australian stock exchange. The stock has risen 43 percent this year. Zinc has increased 17 percent this year and jumped 5.3 percent to $1,411.50 a metric ton yesterday on the London Metal Exchange. A “strong price recovery” in zinc is expected later in 2009 and through to 2010, Royal Bank of Scotland Group Plc said this week. Demand for zinc is estimated to grow 6 percent a year from 2010 to 2012, RBS said.

    2011 start

    Tala Hamza is scheduled to start output by late 2011 and is expected to initially produce 250,000 tons of zinc and lead concentrate, Terramin said in an April 8 statement. Output is expected to increase to as much as 500,000 tons a year, the statement said. Commodities trading company Transamine has agreed to sales accords from the mine, Moriarty said. The timing of building Tala Hamza “is totally spot on, we want to be bringing it in as the next high-cycle begins and not during it,” Moriarty said.

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