NSL records first iron ore sale during the commissioning process
21.05.2012/XNUMX/XNUMX - The directors of NSL Consolidated Ltd. ("NSL" or the "Company") are pleased to announce that the Company has now made its first direct sales of iron ore in the domestic market in India.
HIGHLIGHTS
- First direct iron ore sale to domestic customers recorded
- Phase 1 dry separation cycle continues within the time and budget constraints
- Gradual commissioning and optimization will be continued
- Turnover starts to increase
The first iron ore sale is a historic milestone for Perth-based NSL, which is the only foreign company that owns and operates iron ore mines in India and is now gaining "producer" status.
The construction and commissioning of the Phase 1 iron ore dry separation plant Kurnool remains within the time and budget constraints. The company is finalizing the optimization of the process for the production of ore with an iron content of up to 58%.
The company now expects a gradual increase in production and tonnage sales until its targeted phase 1 production capacity of 200.000 tons per year is reached in the third quarter. The final commissioning of the dry separation circuit is to 30. June 2012.
The Phase 2 wet upgrading plant, which is capable of producing a final product with iron contents from 58 to 62%, will be commissioned later in the year 2012; Completion and first sales are scheduled for 2013 in the first half of the year. This will increase production capacity by an additional 200.000 tonnes per year to a total of 400.000 tonnes per year.
The demand and prices of iron ore in the domestic market remain very high, and NSL has received numerous inquiries from companies in the industry seeking to approve the Kurnool project.
"This is a significant milestone for NSL as we had to overcome many challenges to become the first foreign iron ore producer in India."
"We are just getting started and, after completing the 1 and 2 phases, we are using our experience and current performance to reach the 1,5 million tonne per year goal by the end of 2014. This goal is possible thanks to wet and dry separation plants to increase yield and to procure additional ore through strategic acquisitions and supply agreements. "
"By raising additional funds for infrastructure projects, Indian steel production is expected to increase from 2020 to 77 million tonnes by 200. The company is committed to contributing to this growth, "said Cedric Goode, Managing Director of NSL, today.
The Company's Kurnool ore deposit is a twelve-acre industrial site in the southeastern Indian state of Andhra Pradesh. The plant is located as well as the iron source at the nearby Mangal Mine next to NSL's existing Kuja Iron Mine.
Contact:
Cedric Goode
NSL Consolidated
0400 408 477
Kevin Skinner
Field Public Relations
(08) 8234 9555 0414 822 631
No liability is assumed for the accuracy of the translation! Please note english original message!
The original English message can be found at:
http://www.irw-press.at/press_html.aspx?messageID=25129
