DGAP-News: Deutsche Rohstoff AG:
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Deutsche Rohstoff AG:
27.10.2011 / 09:40
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Deutsche Rohstoff AG: Off-take agreement for tungsten concentrates signed
Extensive collaboration with Global Tungsten&Powders (GTP) for the
development of Wolfram Camp Mine
Heidelberg. Deutsche Rohstoff AG is pleased to advise that they have
recently signed an off-take agreement for all tungsten concentrates, which
will be produced in the Wolfram Camp Mine in Queensland, Australia from the
beginning of 2012. The purchaser is Global Tungsten&Powders Corp.
(www.globaltungsten.com) based in Towanda, USA, which is part of the
Plansee Group (www.plansee.com) in Reutte, Austria.
GTP is one of the largest tungsten processors outside of China and
together with DRAG envisage a long and successful future after the signing
of a 5 year agreement.
In line with the contract, the produced tungsten concentrate will be
delivered to the chemical treatment plant of Global Tungsten in Towanda,
Pennsylvania, USA. Logistics for all concentrates will be undertaken by the
experienced and professional traders of concentrate - Ocean Partners
(www.oceanpartners.com). Concentrate prices are based on the European
market prices for ammonium paratungstate (European APT).
To fund the capital ramp-up phase of the Wolfram Camp Mine, GTP granted
Deutsche Rohstoff AG a loan of USD 6.15 million with exceptional terms and
low interest rates .
Dr. Titus Gebel, Chairman and CEO of Deutsche Rohstoff AG, said: 'We are
pleased that with Global Tungsten as one of the major international
tungsten processors is interested in a long-term collaboration with us. The
extraordinary professional collaboration and financial support, which is
provided to us by GTP, underlines the willingness of both sides to build a
successful partnership. '
Dr. Andreas Lackner, CEO of Global Tungsten, commented: 'The quality of the
Wolfram Camp project and the professional approach of DRAG convinced us.
The agreement is an important component in our strategy, to cover the
overall demand for tungsten concentrates outside of China. We look forward
to strengthening our relationship on additional tungsten projects together
with DRAG. '
Australian JORC Standard tungsten resource totals 1.42 million tons of ore
with average grades of 0.60% WO3 (tungsten trioxide) and 0.12% Mo
(molybdenum).,Within this resource a mineable reserve of 730,000 tons is
scheduled for mine production from the initial open pit with an estimated
head grade of 0.77% WO3 and 0.056% Mo. Based on the current reserves, this
provides a mine life through until 2015 and with an extensive portfolio of
tenements in the area, the company believes that through dedicated
exploration, the resource inventory will continue to grow.
Assuming today's prices, concentrate sales amount to approximately AUD 124
million in the next four years. The current price of tungsten and
molybdenum concentrates are 42% above the level at which production is
profitable at Wolfram Camp.
The market for tungsten is characterized by a sharp rise in prices in
recent months. Experts expect consistently high prices over the next few
years. Tungsten is one of the metals, which is, as well as rare earths or
tin, categorized as strategically important by the German Federal
Government and the EU Commission. Nearly 80% of the annual global
production of about 61,000 tons (2010, pure tungsten metal content) comes
from China.
As for the other metals mentioned, there are export quotas from China and a
prohibition for foreign companies to explore or produce tungsten in China.
Because of its hardness and the extremely high melting point of 3422
degrees Celsius, tungsten is processed in the hardening of tools, the
manufacturing of machine tools, as an alloying metal in the steel industry,
for incandescent lamps, in the catalyst preparation as well as numerous
other industrial applications.
Heidelberg, 27 October 2011
Deutsche Rohstoff AG (Heidelberg, Germany), listed in the Entry Standard
segment of Frankfurt Stock Exchange, is establishing a new primary
producer. The company's focus is placed on gold, oil&gas and so called
high tech metals such as tin, tungsten, and rare earth metals. All projects
are located in countries marked by political stability, the core area being
Germany. The business concept is based on redeveloping deposits which have
been well explored in the past. A first production started in
Georgetown/Australia in January 2011. For more information please visit
www.rohstoff.de.
Contact:
Thomas Gutschlag
+49 6221 871 000
gutschlag(at)rohstoff.de
End of Corporate News
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143748 27.10.2011
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Datum: 27.10.2011 - 09:40 Uhr
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