He said: "Turning to each of our assets, at Marampa, we are pleased to say that the plant is successfully processing tailings and weathered ore to a consistent high quality and we are on track to achieve our full year target of 1.5Mtpa of iron ore concentrate. The logistics from mine to ship have been proven to work as designed and over the first quarter we produced 300,000 dry metric tonnes of iron ore and shipped over 230,000 dry metric tonnes to Europe and China.
"This was shipped in five Supramax vessels, four of which went to China and one to Europe. Since the end of the quarter, we have successfully reached an average run rate of 4,300 tonnes per day which is in line with our ramp up plans and puts us firmly on track to reach the 2012 production target.
"Expansion works at the first plant continues apace, and we have commenced works for the second plant which when combined together will ensure we continue to grow capacity at Marampa and reach our production targets of 1.5Mt in 2012, 4.2Mt in 2013 and 5Mt in 2014.
"Work on the Bankable Feasibility Study for a further expansion to 9Mtpa is expected to be completed in the third quarter of this year, with completion of the Environmental and Social Impact Assessments expected after that sometime in the fourth quarter.
"In Colombia, construction of the coke ovens continues although we were severely hampered by the unexpected rains caused by La Nina. None the less we produced 5,800 tonnes over the quarter. We have caught up some lost ground and we continue to aim for our target of 200,000 tonnes production capacity in the first phase. We are also exploring and undertaking feasibility studies on nearby coking coal concessions.
"Briefly turning to Isua, as we announced on 29 March, we have now completed the BFS for a 15Mtpa operation. The BFS defined a three year construction period to begin producing 70% Fe premium grade iron ore pellet feed with a payback period of 3.5 years. Since the BFS, we have commenced the permitting process.
"To realise our growth plans we know we must continue to attract and retain talented people and also ensure that the communities and countries in which we operate are able to see tangible and long-lasting benefits from our activities. We are particularly proud to provide employment and training for over 2,000 Sierra Leoneans.
"2012 is significant as we will contribute directly to the economy of Sierra Leone through payments of royalty and taxes to the Government of Sierra Leone; and indirectly through our social development royalty, local employment and local supply chain initiatives.
"As we enter a new phase of operations, construction and development we are ever more appreciative of the need to minimise the impact of our operations to the surrounding environment and communities and to keep our employees safe."
At 10:46am: (LON:LOND) share price was -3.62p at 242.63p
Story provided by StockMarketWire.com
Source: www.stockmarketwire.com
London 2012 Olympics torch passes over Clifton Suspension Bridge - Daily Telegraph
The Grade I listed structure, designed by Isambard Kingdom Brunel, was opened in 1864 and is considered to be the symbol of the city of Bristol.
Source: www.telegraph.co.uk
London Welsh denied chance of promotion to the Premiership - The Guardian
Newcastle will be playing in the Premiership next season after the Rugby Football Union today ruled that London Welsh, who play the first leg of their Championship play-off final against Cornish Pirates in Penzance tonight, did not meet the entry criteria for the top flight.
London Welsh, who have never been in the Premiership, proposed playing at Oxford United's Kassam Stadium, the venue of next week's second leg, because their Old Deer Park ground did not have a big enough capacity or floodlights.
The RFU's board of directors this morning considered a report from the auditors, PMP Legacy, which found that "various failures" of the minimum standards criteria demanded of clubs who win the Championship meant that London Welsh should not be promoted.
The Pirates did not subject themselves to the criteria test so the ruling means the Championship winners will not be going up, reprieving the Falcons who finished at the bottom of the Premiership despite a late rally, one point below Wasps.
That will mean a return in the top flight for the club's director of rugby, Dean Richards, whose three-year ban for masterminding the Bloodgate affair while he was in charge of Harlequins ends in August.
The main failure of London Welsh cited by the auditors was that they did not have primacy of tenure at the Kassam Stadium, raising concerns that they would not be able to play their home matches at a time demanded by Premiership Rugby or the tournament's broadcasters.
Under the regulations, teams who share grounds must nominate a second stadium. It is understood that Welsh's nominated fallback was Brentford's Griffin Park, which is more than the stipulated 30 miles away from the Kassam Stadium.
London Welsh have 14 days in which to appeal and they have indicated they will take up that option. The Exiles have maintained throughout that they met the primacy of tenure clause, pointing out that in the history of the Premiership, no club has been forced to use its nominated second ground.
The Championship clubs met earlier this year and considered whether to mount a legal challenge against the minimum standards criteria, arguing that they amounted to a restraint of trade. London Welsh's chairman, Bleddyn Phillips, is a senior partner at the law firm Clifford Chance and in recent weeks has expressed his confidence that the club met the criteria.
The last time a club from the second tier was denied promotion was Rotherham 10 years ago. They were rebuffed because the RFU ruled the club had not signed a legally binding agreement to play at Rotherham United's ground and received £720,000 in compensation, cash that had been earmarked as a parachute payment for the bottom club in the Premiership, Leeds, in the event of relegation.
The RFU board today felt it had no option under the minimum standards criteria but to reject London Welsh's bid. It is open-minded about whether they are too restrictive, but that will be a matter for the professional game board, a body made up of members from the union, Premiership Rugby and the Professional Rugby Players' Association.
Newcastle's commercial director Duncan Edward said: "To be given the lifeline of playing in the Aviva Premiership next season and keeping top-class rugby in the region is unbelievable."
Source: www.guardian.co.uk
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