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BRIEF-Kidman Resources to cut costs with deal to lease Burbank's mill

Published 04/08/2015, 08:58 am
Updated 04/08/2015, 09:06 am
© Reuters. BRIEF-Kidman Resources to cut costs with deal to lease Burbank's mill
KDR
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Aug 4 (Reuters) - Kidman Resources Ltd KDR.AX :

* Kidman to cut costs with deal to lease burbank's mill

* Agreed to lease and operate the burbank's processing plant owned by ramelius resources

* Kidman is currently stockpiling ore from the birthday gift underground mine at burbank's as part of its strategy to begin production this quarter

* Says "will move immediately to bring the plant back into operation to process ore from the birthday gift underground"

* Under the deal, Kidman has an initial one year lease with an option to extend by mutual agreement

* Milling costs will be greatly reduced compared to toll treating ore"

* Additional recoveries expected from the plant versus toll treating will further enhance the projects economics"

* Will pay ramelius $5 per dry metric tonne of ore processed and $1 per tonne of capacity utilised in the tsf

* Source text for Eikon ID:nASX9xrTJf

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