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Xstrata May Increase Frieda River Copper Resources This Year

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PERTH, Oct. 9 -- Xstrata Plc, the world's fourth- largest copper supplier, may increase the estimated metal resource at its Frieda River project in Papua New Guinea after recent drilling results, the project's co-developer said.
&nbsp;&nbsp;&nbsp; Highlands Pacific Ltd. said Xstrata will complete an initial development study by mid-2010. Zug, Switzerland-based Xstrata may consider building a plant to process as much as 50 million metric tons of ore a year, Brisbane-based Highlands said today in a statement to the Australian stock exchange.
&nbsp;&nbsp;&nbsp; &quot;Highlands anticipates a significant upgrade in Frieda resource statement in December,&quot; Highlands said in the statement. The anticipated cash costs of the project &quot;in the first five to 10 years would be significantly lower&quot; than previous studies indicated, Highlands said, adding that copper could be extracted for less than 25 U.S. cents a pound.
&nbsp;&nbsp;&nbsp; Shares in Highlands surged as much as 16 percent in Sydney trading and at 12:16 p.m. were up 11 percent at 24.5 Australian cents, giving it a market value of A$160 million ($143 million). Xstrata dropped 0.8 percent to 925 pence in London yesterday.
&nbsp;&nbsp;&nbsp; Xstrata holds 76.2 percent of Frieda River, with Highlands owning 16.9 percent, according to a Sept. 21 presentation sent to investors. Costs will be lowered by using an on-site hydro electric power plant, according to the presentation.
&nbsp;&nbsp;&nbsp; Copper for delivery in three months rose 0.9 percent to $2.8045 a pound in after-hours trading at 12:19 p.m. in Sydney on the Comex division of the New York Mercantile Exchange. The metal will likely drop in the fourth quarter because of ample supply, according to Nexans SA, the world's biggest maker of cables and wires.
&nbsp;&nbsp;&nbsp; (Source: Bloomberg)

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Xstrata May Increase Frieda River Copper Resources This Year | Shanghai Non ferrous Metals

Xstrata May Increase Frieda River Copper Resources This Year

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