Posts Tagged Mt. Milligan

Thompson Creek Enters Into Agreement To Acquire Terrane Metals Corp.

Thompson Creek to Acquire Major Growth Asset

Transaction advances development of the Mt. Milligan project in British Columbia

Thompson Creek Metals Company Inc. (“Thompson Creek”) (TSX:TCM)(NYSE:TC) and Terrane Metals Corp. (“Terrane”) (TSX VENTURE:TRX) jointly announce that they have entered into a definitive agreement pursuant to which Thompson Creek will acquire all of the issued and outstanding equity of Terrane. The transaction will be implemented by way of a court-approved plan of arrangement under British Columbia law (the “Arrangement”). Thompson Creek has also concurrently entered into an agreement with Royal Gold, Inc. (“Royal Gold”) with respect to the purchase and sale of 25% of the life of mine gold production (the “Gold Stream Transaction”) from Terrane’s Mt. Milligan Copper Gold Project (“Mt. Milligan”).

Under the Arrangement, holders of Terrane shares will receive C$0.90 in cash and 0.052 Thompson Creek common shares per Terrane share. The consideration implies an offer value of C$1.41 per Terrane share based on Thompson Creek’s closing price on the Toronto Stock Exchange (“TSX”) of C$9.90 per share on July 14, 2010. The consideration represents a premium of approximately 35% based on the volume weighted average trading prices of Thompson Creek and Terrane on the TSX and TSX Venture, respectively, for the 20 trading days ended July 14, 2010, and a premium of 21% to Terrane’s closing price of C$1.17 per share on the same day. The total value of the consideration offered to the shareholders of Terrane is approximately C$650 million.

Kevin Loughrey, Chairman and Chief Executive Officer of Thompson Creek, stated: “The acquisition of Terrane fits well in our strategic growth plan, providing us with clear production and revenue growth while diversifying our commodity exposure, all in a project with mining and milling processes, and a regulatory environment, with which we have considerable experience. We are utilizing a portion of cash on our balance sheet and our current cash generating capacity from existing operations while capitalizing on financing opportunities available through the Gold Stream Transaction. The upside from our existing asset base has been retained for our shareholders while structuring a transaction that we believe will be highly accretive on a cash flow basis once Mt. Milligan is in production. We believe with our Endako expansion, and now the Mt. Milligan project, we have substantially improved Thompson Creek’s growth profile.”

 Rob Pease, President and Chief Executive Officer of Terrane, stated: “We are pleased to join forces with Thompson Creek. Their financial depth, combined with the Royal Gold transaction, provides a clear path to complete funding of Mt. Milligan. Combined with their proven development and operating capabilities, this transaction has the opportunity to unlock the value of Mt. Milligan for all shareholders. Thompson Creek is committed to responsible development and mining and has an excellent track record of working cooperatively with host governments and communities wherever they operate, including British Columbia.”

 Chuck Jeannes, President and Chief Executive Officer of Goldcorp Inc. (“Goldcorp”), stated: “The Terrane management team has done an outstanding job in advancing Mt. Milligan towards development. The transaction with Thompson Creek provides a meaningful cash return for Terrane shareholders, while providing an opportunity to participate in the future success of Mt. Milligan through a combined, diversified, high growth base metals producer.”

 The transaction has been unanimously approved by the board of directors of Terrane following the report and favourable unanimous recommendation of a special committee of independent directors (the “Special Committee”). In doing so, the board of directors of Terrane determined that the Arrangement is fair to its shareholders and in the best interests of Terrane and authorized the submission of the Arrangement to the shareholders of Terrane for their approval at a special meeting of shareholders.

 Goldcorp has entered into a support arrangement with Thompson Creek under which it has agreed to vote in favour of the transaction. Goldcorp holds approximately 240.0 million preference shares and approximately 27.3 million common shares. Each preference share can, at the election of Goldcorp, be exchanged for one common share of Terrane. On a combined basis, Goldcorp’s shares represent approximately 58% of the outstanding voting equity of Terrane. In addition, certain officers and directors of Terrane holding approximately 1% of the common shares in aggregate have entered into support agreements.

 The board of directors of Terrane was advised by National Bank Financial Inc. (“National Bank Financial”) as financial advisor and Lang Michner LLP as legal advisor. The Special Committee was advised by Scotia Capital Inc. (“Scotia Capital”) as financial advisor and Fraser Milner Casgrain LLP as independent legal advisor. Each of National Bank Financial and Scotia Capital has concluded that as of July 14, 2010, the consideration to be received under the arrangement is fair, from a financial point of view, to the holders of common shares of Terrane. A copy of the National Bank Financial and Scotia Capital fairness opinions and the factors considered by the board of directors and Special Committee in approving the Arrangement, and other relevant background information will be included in the management information circular that will be sent to shareholders of Terrane in connection with the special meeting to consider the Arrangement.

 The transaction has been unanimously approved by the board of directors of Thompson Creek based upon, among other things, an oral fairness opinion from RBC Capital Markets. In doing so, the board of directors of Thompson Creek determined that the Arrangement is fair to its shareholders and in the best interests of Thompson Creek. The board of directors delegated the authority to provide final approval for the transaction to its executive committee.

 Benefits to Thompson Creek Shareholders

 The acquisition of Terrane is expected to provide the following benefits to shareholders of Thompson Creek:

 Mt. Milligan offers diversification beyond Thompson Creek’s current asset base of primary molybdenum deposits with the pro forma production profile providing for strong contributions from each of molybdenum, copper, and gold subsequent to the start-up of Mt. Milligan which is expected in 2013;

 The Gold Stream Transaction should allow shareholders to immediately capture value from gold production while providing funds for mine construction, retaining full leverage to base metal production and maintaining significant gold by-product credits;

 The combined business should have the ability to finance its strong combined project pipeline without equity dilution, which would generate significant production growth by 2013 when the Endako expansion and Mt. Milligan projects are expected to be completed; and

 Going forward, Thompson Creek should have avenues for future exploration and growth with a broader suite of earlier stage projects, including Mt. Emmons, Davidson and Berg that can be prioritized optimally for development and value creation.

 Benefits to Terrane Shareholders

 The transaction should provide the following benefits to shareholders of Terrane:

 Participation in a well-funded, diversified base metals producer, including ongoing exposure to Mt. Milligan, through the share component of the offer;

 Access to Thompson Creek’s proven development and construction expertise, and significantly greater financial resources to build and operate Mt. Milligan ; and delivery of an attractive premium with a meaningful cash component.

 Overview of Mt. Milligan

 Mt. Milligan is a construction-ready growth project. This transaction establishes Thompson Creek as a diversified, high growth base metals producer with a meaningful gold by-product. Terrane has a highly qualified and experienced management team; it is expected that many of these individuals will be retained by Thompson Creek.

 Upon closing, Thompson Creek will assume 100% ownership of Mt. Milligan, located approximately 150 km north-east of Thompson Creek’s existing Endako Mine. Mt. Milligan contains proven reserves of 274.6 million tonnes averaging 0.21% Cu and 0.44 g/t Au and probable reserves of 207.8 million tonnes averaging 0.19% Cu and 0.32 g/t Au, for a total proven and probable reserves of 482.4 million tonnes averaging 0.20% Cu and 0.39 g/t Au, totalling 2.1 billion pounds of contained copper and 6.0 million ounces of contained gold. Mineral reserves were calculated at US$4.10/t Net Smelter Return cut-off. Mt. Milligan has received an Environmental Assessment (EA) Certificate and a Mines Act Permit from the Province of British Columbia and the Environmental Assessment (EA) approval from the Government of Canada.

 Mt. Milligan will be a conventional truck-shovel open pit mine with a 60,000 tpd copper flotation process plant. The average annual production over the 22 year estimated mine life is expected to be 81 million pounds of copper and 194,000 ounces of gold (see Terrane press release October 13, 2009). Mt. Milligan is expected to provide approximately 400 direct permanent jobs and significant long-term economic benefits for the region.

 Thompson Creek intends to fund the remaining Mt. Milligan construction costs over approximately the next two and a half years from a combination of (i) pro forma combined cash balances, as adjusted for the April 16, 2010 Terrane equity offering, of approximately $178 million (all amounts in U.S. dollars, unless otherwise noted), (ii) the $311.5 million of proceeds from the Gold Stream Transaction, (iii) up to $250 million of debt finance in the form of equipment financing and a potential bank credit facility, (iv) internal cash generation, and (v) potential warrant proceeds including Thompson Creek’s existing warrants due in 2011 (potential proceeds of C$220 million) as well as the Terrane warrants due in 2011 and 2012 that will remain outstanding (potential net proceeds of approximately C$27 million).

 In June 2010, Terrane initiated the first phase of construction with a road contract and entered into a letter of intent with AMEC Americas Limited and Fluor Canada Ltd. to provide engineering, procurement and construction management services. Purchase orders have been made for long lead time items for the process plant and power supply equipment. Current development timelines are targeting the commissioning of the mine and mill complex in 2013.

 Other Terrane Assets

 In addition to Mt. Milligan, Terrane has a number of other earlier stage mineral projects, the most substantial of which is the Berg copper-molybdenum-silver deposit, located in British Columbia approximately 150 km southwest of Endako, and a similar distance from Thompson Creek’s Davidson project. Berg is a porphyry deposit with a current defined measured resource of 53.3 million tonnes at 0.48% Cu, 0.030% Mo and 4.5 g/t Ag and indicated resource of 452.7 million tonnes at 0.28% Cu, 0.038% Mo and 3.7 g/t Ag for a total measured and indicated resource of 506.0 million tonnes at 0.30% Cu, 0.037% Mo and 3.8 g/t Ag totalling 3.3 billion pounds of contained copper, 412 million pounds of contained molybdenum and 61.4 million ounces of contained silver. Mineral Resources were calculated at 0.30% copper equivalent cut-off grade (see Terrane press release May 19, 2009).

 Other assets include an interest in the Howard’s Pass Joint Venture, which retains rights to option, Net Profit Interest and Net Smelter Return payments from Selwyn Resources Ltd. in respect of a zinc, lead and silver deposit in the Yukon. Terrane is also a minority joint venture partner with Laurentian Goldfields in the Maze Lake gold project in Nunavut.

 Thompson Creek Assets

 Thompson Creek currently owns and operates long-life open-pit primary molybdenum mines and roasting facilities, including the Thompson Creek Mine in Idaho, the Langeloth Metallurgical Facility in Pennsylvania and 75% of the Endako Mine in Northern British Columbia. Thompson Creek expects 2010 molybdenum production will be in the range of 29 to 32 million pounds, comprised of 22 to 24 million pounds from the Thompson Creek Mine and 7 to 8 million pounds from its 75% share of the Endako Mine. The expansion project that is currently underway at the Endako Mine is expected to raise Thompson Creek’s share of annual molybdenum production at that mine to 11 to 12 million pounds per annum.

 Thompson Creek also owns a high-grade underground molybdenum deposit near Smithers, B.C. known as the Davidson Project. The Project was in the advanced stages of permitting when development was halted in November 2008 due to economic uncertainty. The Davidson Project is currently being re-evaluated regarding various operating alternatives and related economic analysis. Thompson Creek is currently evaluating and has an option to acquire up to 75% of the Mount Emmons Project, a high-grade underground molybdenum deposit in Colorado.

 Details of the Arrangement

 The completion of the Arrangement is subject to, among other things, the favourable vote of 66 2/3% of the Terrane equity shareholders at a special meeting called to approve the transaction. The Arrangement will require approval by the Supreme Court of British Columbia. In addition, the transaction will also be subject to certain other customary conditions, including receipt of regulatory approvals. Terrane has also provided Thompson Creek with certain other customary rights, including a non-solicitation covenant and a right to match competing offers. In the event that the transaction is not completed, Terrane has agreed to pay Thompson Creek a termination fee equal to C$20 million, under certain circumstances. Officers and directors of Terrane have entered into support arrangements with Thompson Creek under which they have agreed to vote their shares in favour of the transaction, such shares representing approximately 1% of the current outstanding Terrane shares.

 Terrane currently has approximately 459.4 million basic and 535.6 million fully diluted shares outstanding. Total consideration payable to shareholders will therefore comprise approximately C$413 million in cash and 23.9 million Thompson Creek common shares. Terrane’s existing stock options, which are all in the money, will be exercised on a cashless basis for total consideration of approximately C$6 million and 0.4 million Thompson Creek shares.

 Terrane’s existing two series of warrants (approximately 45.5 million expiring in April 2011 with a strike price of C$1.50 and approximately 18.0 million expiring in June 2012 with a strike price of C$0.85) will remain outstanding and, in accordance with their terms, the holders thereof will be entitled to receive the same cash and share consideration as Terrane’s common shareholders upon exercise. Thompson Creek has reserved approximately 3.3 million shares for potential issuance under these two series of warrants.

 Following the completion of the proposed transaction, Terrane shareholders’ will own approximately 14% of the combined company on a fully diluted basis, including Goldcorp holding approximately 7%.

 Copies of the acquisition agreement and certain related documents will be filed with Canadian securities regulators and with the United States Securities and Exchange Commission and will be available at the Canadian SEDAR website at and the U.S. Securities and Exchange Commission’s website at The management information circular in connection with the special meeting of shareholders to consider the Arrangement is expected to be mailed to shareholders over the coming weeks. The circular also will be available as part of Terrane’s public filings at

 Terrane expects to hold a shareholders’ meeting in September to consider the Arrangement and closing will occur shortly thereafter assuming receipt of all required approvals.

 The Gold Stream Transaction

 Thompson Creek and Royal Gold have entered into an agreement by which, upon Thompson Creek’s acquisition of 100% of Terrane, the Gold Stream Transaction will become effective. Royal Gold will, as part of the Gold Stream Transaction, purchase gold equal to 25% of the life of mine gold to be produced from Mt. Milligan.

 Under the terms of the Gold Stream Transaction, Thompson Creek will receive staged cash deposits aggregating $311.5 million; $226.5 million of which will be paid at the closing of the Arrangement; and $85.0 million to be paid during mine construction. The deposits will be offset against Royal Gold’s purchase of gold under the agreement. Until the deposit is completely reduced, the price for gold will be the prevailing market price. For each of the first 550,000 ounces of gold delivered to Royal Gold, Thompson Creek will receive cash per ounce equal to the lesser of a cash production payment of $400 or the prevailing market price. To the extent that the prevailing market price exceeds $400 per ounce, the deposit will be reduced. For each ounce of gold delivered thereafter, Thompson Creek will receive the lesser of $450 or the prevailing market price in cash, with any excess purchase price used to reduce the deposit. Once the deposit is reduced to nil, only the cash portion of the purchase price will be payable.


RBC Capital Markets is sole financial advisor to Thompson Creek in connection with the proposed transaction. RBC Capital Markets delivered an oral fairness opinion to the effect that as of July 14, 2010 the consideration to be paid under the Arrangement is fair from a financial point of view to Thompson Creek. Goodmans LLP is legal counsel to Thompson Creek in Canada and McDermott Will &Emery is legal counsel to Thompson Creek in the United States.

 National Bank Financial is sole financial advisor to Terrane in connection with the transaction and provided a fairness opinion to the board of directors. Lang Michener LLP is legal counsel to Terrane. Scotia Capital is financial advisor to the Special Committee and provided a fairness opinion. Fraser Milner Casgrain LLP provided legal advice to the Special Committee.


 Thompson Creek currently has 139.8 million basic shares outstanding and 170.6 million on a fully diluted basis. At closing Thompson Creek will issue 24.2 million shares in share component consideration for Terrane’s 459.4 million basic and preferred shares outstanding and for cashless exercise of all options. Thompson Creek is reserving 3.3 million shares as potential consideration to the holders of the Terrane warrants. Post transaction, Thompson Creek expects its basic and fully diluted share count will be 164.0 million shares and 198.2 million shares, respectively.

 Darin Labrenz, P.Geo., Vice President Business Development with Terrane, is the qualified person who prepared or supervised the preparation of the scientific and technical information concerning the Mt. Milligan and Berg projects in this news release.

 Conference Call

 Thompson Creek and Terrane will hold a conference call and webcast for analysts and investors to discuss the transaction on Thursday, July 15, 2010 at 11:00 a.m. (Eastern).

 To participate in the call, please dial 647-427-7450 or 1-888-231-8191 about five minutes prior to the start of the call. A live audio webcast of the conference call will be available at and An archived recording of the call will be available at 1-800-642-1687 or 416-849-0833 (Access code 88516022 followed by the number sign) from 11:00 a.m. (Eastern) on July 15 to 11:59 p.m. on August 13. An archived recording of the webcast will also be available at Thompson Creek’s website.

 About Thompson Creek Metals Company Inc.

 Thompson Creek Metals Company Inc. is one of the largest publicly traded, pure molybdenum producers in the world. Thompson Creek owns the Thompson Creek open-pit molybdenum mine and mill in Idaho, a metallurgical roasting facility in Langeloth, Pennsylvania and a 75% share of the Endako open-pit mine, mill and roasting facility in northern British Columbia. Thompson Creek is evaluating the Mount Emmons Deposit, a high-grade underground molybdenum deposit near Crested Butte, Colorado. Thompson Creek has an option to acquire up to 75% of the property. The Company is continuing to pursue permitting of the Davidson Deposit, a high-grade underground molybdenum deposit near Smithers, B.C. Thompson Creek has approximately 750 employees. Its principal executive office is in Denver, Colorado, and it also has an office in Toronto, Ontario. More information is available at

 About Terrane

 Terrane Metals Corp. is an exploration and mine development company focused on the development of the Mt. Milligan copper-gold and Berg copper-molybdenum-silver projects in British Columbia, Canada. Goldcorp Inc. (NYSE: GG; TSX: G) owns a 52.4% equity interest in Terrane on a fully diluted basis. More information is available at

 Terrane Technical Disclosure

 For further information on the Mt. Milligan project, please see Terrane’s “Technical Report – Feasibility Update Mt. Milligan Property – Northern BC”, completed by Wardrop, a Tetra Tech Company, effective October 13, 2009, and press release dated October 13, 2009. For further information on the Berg project, please see Terrane’s “2009 Mineral Resource Estimate on the Berg Copper-Molybdenum-Silver Property, Tahtsa Range, British Columbia”, completed by Equity Exploration Consultants Ltd., and Terrane Metals Corp., June 2009, and press release dated May 19, 2009.

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Featherstone Capital Terminates Agreement with Terrane

Featherstone Capital Advisors Inc. announces that the corporate development and financial advisory services agreement with Terrane Metals Corp. dated April 19, 2006 has been terminated by Terrane effective July 5, 2009. Douglas Forster, President and CEO of Featherstone commented: “Featherstone was instrumental in the acquisition of Terrane’s Mt. Milligan copper-gold project and Berg copper-molybdenum-silver project and recruited the current Chief Executive Officer and Chief Financial Officer of the Company as well as Terrane’s founding Board of Directors. While Featherstone will no longer be providing advisory services to Terrane, we wish the Company well as they advance their two British Columbia mine development projects.”


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Terrane Metals Provides Corporate Update

Robert Pease, President and CEO of Terrane Metals, is pleased to provide an update on the activities of the Company. In December, 2008, the Company announced a Modified Project Execution Plan for its 100%-owned Mt. Milligan Project. Key objectives on the Modified Plan are to reduce Project implementation risk, minimize on-going and near-term capital expenditures and to better position the Project for a timely construction start-up. The Modified Plan is proceeding on budget and on schedule (see Terrane Press Release Dec 8, 2008, for more details).


As part of the Modified Plan, Terrane initiated a Feasibility Update Study (the ” Update Study”) to incorporate current capital and operating expenditures based on detail design work undertaken since completion of the March 2008 Feasibility Study. Updated design work includes revisions to the tailings storage facility, power line, access road and engineering drawings for the 60,000 tonnes per day process plant. In addition, reserves and mine design will be recalculated/revised using metal prices of $1.60/lb copper and $690/oz gold; the March 2008 Feasibility Study used prices of $1.60/lb copper and $550/oz gold.

The Update Study will be coordinated by Wardrop Engineering. In addition to Wardrop, Terrane has appointed technical, engineering, and finance specialists in ore reserve estimation and mine design, environmental and socioeconomic studies, mineral processing and metallurgy, geotechnical, infrastructure and capital and operating cost estimation. The team includes: Independent Mining Consultants Inc., AMEC Earth and Environmental, G&T Metallurgical Services Ltd, Knight Piesold Ltd., and Merit Consultants International Inc. Terrane expects that the Update Study will be completed in Q4 2009.


Terrane has initiated a 70 line-km Induced Polarity (“IP”) ground geophysical survey to investigate the numerous geophysical targets identified by the June 2008 1,452 line-km airborne HeliGEOTEM magnetic-electromagnetic survey. Twelve of these targets are within 4 km of the MBX and Southern Star deposits and display similar magnetic signatures. Results from the IP survey will be used to prioritize and guide future drilling programs as required.

In conjunction with the IP program, field crews have been mobilized to conduct soil and stream geochemistry programs to expand upon and infill earlier surveys in the Project area.


On March 19, 2009, the Company announced receipt of an Environmental Assessment (“EA”) Certificate from the Province of British Columbia for its Mt. Milligan Project. Receipt of the EA Certificate followed a comprehensive 180-day review led by the Province’s Environmental Assessment Office. The Company continues to work with provincial ministries on mine operating permits which are expected in Q4 2009.

On May 15, 2009, the federal Minister of the Environment announced that the EA review of the Mt. Milligan Project under the Canadian Environmental Assessment Act will continue as a comprehensive study. The public comment period on Terrane’s EA application concluded on June 23, 2009. Next steps in the federal EA process include the federal responsible authorities preparing a comprehensive study report, followed by a final public comment period on this report. A federal EA decision is expected in Q4 2009.

On June 24, 2009, the Nak’azdli First Nation from Fort St. James, BC filed a petition with the Supreme Court of British Columbia against the province of British Columbia regarding the proposed development of the Mt. Milligan Project. Terrane regrets the action taken by Nak’azdli and continues to have an ‘open door’ policy with the Nak’azdli community with respect to training, jobs and contracting opportunities.


On May 19, 2009, the Company reported a 36% expansion of the resource at its Berg Copper-Molybdenum-Silver Project (see Terrane Press Release dated May 19, 2009). The Company has filed a NI 43-101 Technical Report with SEDAR in support of the updated resource estimate.

Metallurgical studies, including a 5-tonne pilot plant to produce copper and molybdenum concentrates, and studies to investigate and optimize project development scenarios are underway.


Terrane is pleased to announce Mr. Timo Jauristo (AusIMM), Vice President Corporate Development of Goldcorp Inc., has been appointed to the Board of Directors. Mr. Jauristo will replace Mr. Chuck Jeannes, President and CEO of Goldcorp. Mr. Jeannes stated: “My time as a Director afforded me the opportunity to observe and work closely with the Terrane Board and management team. I remain confident that our investment in Terrane is in good hands and I look forward to the completion of the Modified Plan and Update Study in Q4 2009.”


The Modified Plan is fully funded through a $40 million credit facility guaranteed by majority shareholder Goldcorp Inc. As of June 30, 2009, the Company had drawn down $14.5 million from the credit facility and forecasts to draw down an additional $7.0 million by the end of 2009 to complete the Modified Plan. The Company is also pleased to report that financial commitments to consultants and suppliers of long lead-time equipment have been successfully restructured. Terrane has engaged a Project Finance Advisor to assess strategic financing and debt market options in order to advance Mt. Milligan through to a construction decision.


Terrane Metals Corp. is an exploration and mine development company focused on the development of the Mt. Milligan copper-gold and Berg copper-molybdenum-silver projects in British Columbia, Canada. Goldcorp Inc. (GG: NYSE; G: TSX) owns a 59% equity interest in Terrane on a fully diluted basis. In July 2008 Terrane and Goldcorp entered into an agreement which grants Goldcorp an option to convert its equity interest in Terrane into a participating joint venture interest in the Mt. Milligan Project (see press release July 9, 2008).


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British Columbia Government Approves Mt. Milligan

Robert Pease, President and CEO of Terrane Metals Corp. is pleased to announce that the Company has received from the province of British Columbia an Environmental Assessment (“EA”) Certificate for its Mt. Milligan copper-gold Project 150 km northwest of Prince George. Receipt of the EA Certificate followed a comprehensive 180-day review led by the province’s Environmental Assessment Office.

President and CEO Robert Pease stated: “We are very pleased with the timely approval of our EA Certificate. This milestone approval is a testament to our environmentally responsible mine design. We look forward to successfully completing the federal EA process and building British Columbia’s next major metal mine.”

Mt. Milligan will be a conventional truck-shovel open pit mine with a 60,000 tpd copper flotation process plant. During the 30 month construction period an average of 370 jobs will be created; in commercial production there will be approximately 400 full time jobs. Average annual production of 265,100 oz gold and 97 million lb copper is forecast for the first six years of an initial 15-year mine life. Pending receipt of the balance of Project approvals and subject to financing, construction could commence in Q2 2010 with commercial production in Q4 2012.

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