Markets

UPDATE: Ivernia Announces Restart of Paroo Station Mine; Shares Up 6.7% to Yr High

Ivernia Inc. (IVW.TO) today announced it is recommencing processing operations at its wholly owned Paroo Station lead mine, located near Wiluna, Western Australia.

The decision to restart operations has been taken following: a comprehensive internal review and validation that the company's systems and processes are best practice and can transport the mine's product safely and capably; recruitment and training of a suitably qualified workforce and the remobilization of all key contractors necessary to recommence processing and transport operations; renewal of the vehicle fleet; and development of significant product handling infrastructure.

The various management and compliance plans have been validated by rigorous internal reviews and external approval processes as required under the operating conditions for the Mine previously announced on July 27, 2012. On March 27, 2013 the Western Australian Office of the Environmental Protection Authority advised that it has provided its final signoff for all of the preconditions and management plans that were required to be submitted before a restart of transportation could occur.

The ramp-up of processing operations to full production levels will be carefully managed over the next eight months to achieve nameplate processing levels by the end of the calendar year, Ivernia said.

There is no set date for the first exports to begin, however the Company expects to ship some of its stockpiled concentrate during the month of April 2013.

Ivernia is at a yr high of 16 cents, after earlier touching a new high of 17 cents. Volume traded is more than 645,000.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

Commodities

Latest Markets Videos

MTNewswires

Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

Learn More