MAC/20: Mines and Communities

Lafayette update

Published by MAC on 2006-01-10


Lafayette update

10th January 2006

Lafayette hit with fine

LAFAYETTE Mining says local Philippine media are reporting it has been fined $A267,000 for two unscheduled wastewater discharges last October from its new Rapu Rapu operation.

The company is now seeking clarification and confirmation of the fine, as well as a meeting with relevant government authorities so as to allow it to secure approvals to resume operations. The operation was suspended following the discharges, and also as mining and processing changed focus from the gold ore to base metal mineralisation.

Lafayette said in December it expected to start commissioning early in 2006 following its addressing of six conditions identified by the Philippine authorities.

At full capacity, Rapu Rapu will annually produce around 10,000t of copper and 14,000t of zinc - in concentrate - as well as 50,000oz of gold and 300,000oz of silver.

In mid-December it moved to patch up the working capital shortfall that arose following the closure by raising $A10 million from institutional and professional investors, including $A2 million from AuSelect. Shares in the raising were priced at 11c.

The stock closed off 0.5c at 14c.

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