Malaga Inc. (malaga)
Symbol: MLG
Toronto Stock Exchange (TSX)
Malaga Attains Key Milestone at Pasto Bueno: Tungsten Production Capacity Increases by 60%
Montreal, Quebec, the 30th of November 2009 – Malaga Inc. (TSX:MLG) is pleased to report the first step in the upgrading of its Huaura tungsten plant at Pasto Bueno in Peru is on schedule. Additionally the rated production capacity is now 400 tons per day (tpd) (as compared to 250 tpd during the first nine months of 2009)--an increase of 60%.
An entirely new section of the plant has been built from scratch. This section includes a new ore crushing circuit, coarse and fine ore chutes as well as a new jig separator area. The recently added area of the plant has been linked to the mine using an improved ore supply line including electrical hopper cars that deliver the tungsten ore more efficiently to the ore chutes and the primary ore crushing circuit. An additional access road for heavy duty ore delivery trucks has also been built.
During the last few days, the new section of the plant has been successfully tested at 375 tpd and some fine adjustments are being made. During the coming months, Malaga will continue to upgrade the plant in order to reach its target capacity of 500 tpd. Management expects during the ongoing upgrading process, the plant will run below its nominal 400 tpd capacity at a rate of 325-350 tpd.
The new 600 kW hydroelectric plant commissioned in 2009 and the power line linking Pasto Bueno to the national grid will cover the current and future energy requirements for both the tungsten mine and the Huaura plant as production capacity is increased over the coming months.
Pierre Monet, Malaga’s Vice-President and CFO commented at the Montreal Investment Conference (November 6-7, 2009) “the company’s gross operating margin will improve as significant production cost savings will be made when the Huaura plants’s capacity reaches 500 tonnes per day and more income will be generated. This in turn will generate profitability”.
ABOUT MALAGA INC.
Malaga Inc. is America's leading producer of tungsten ore and owns the only operating tungsten mine in the Americas. Current tungsten concentrate production is approximately 5,000 metric ton units (1 MTU = 10 kg) per month and is expected to double by 2010. Malaga also seeks diverse growth opportunities such as developing the hydroelectric potential of its Pasto Bueno property, through Hidropesac, in which the Company holds 44%, as well as through its holding in Dynacor Gold Mines Inc., in which the Company owns 13.3%.
The Company's shares trade on the Toronto Stock Exchange (TSX:MLG). Malaga is currently the only publicly traded tungsten producing company outside of China. Updates and information on Malaga are available at its Web site www.malaga.ca.
FORWARD-LOOKING INFORMATION
Certain statements in the foregoing may constitute forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Malaga, or industry results, to be materially different from any future result, performance or achievement expressed or implied by such forward-looking statements. These statements reflect management’s current expectations regarding future events and operating performance as of the date of this news release.
Monday, November 30, 2009
Sunday, November 29, 2009
South Korea to inject US $0.25 billion in tungsten and other rare metals
SEOUL, Nov 28, 2009 (Asia Pulse Data Source via COMTEX) -- South Korea unveiled Friday an investment plan to develop its rare metals industry, hoping to secure local materials sources for its high-tech sector.
The 300 billion won (US$257.7 million) plan was outlined at a meeting of officials from government and businesses, including the world's No. 4 steelmaker, POSCO. The money will be spent on furthering development of 40 key smelting, refining and reprocessing technologies for 10 types of rare metals until 2018, the Ministry of Knowledge Economy said.
With the project, the ministry hopes South Korea will be able to produce 80 percent of the rare metal products it consumes, up from just 12 percent at present.
"In the 21st century the global economy will be led by the rare metal industry," Knowledge Economy Minister Choi Kyung-hwan said, "requiring a comprehensive approach to its development."
The project also aims to boost the number of local rare metal manufacturing companies from 25 to 100, build dedicated regional industrial clusters for such businesses, and utilize a specialized mergers and acquisition fund to buy up foreign firms.
The ministry said the need to grow the rare metal industry is becoming more urgent, as these materials are used to make high-tech products like light emitting diodes, display panels and battery cells needed to drive electric cars.
"We will give first support to the development of technologies needed to process the rare metals that are in high demand," said Lee Seung-woo, head of the ministry's steel-chemical division. These metals are gallium, titanium, lithium, white gold, cobalt, magnesium, indium, tungsten, nickel and rare earth elements.
Lee added that 15-20 additional rare metals will be selected for development down the road as part of the country's long-term effort to enhance overall competitiveness in this sector.
The government will ask the private sector to more than match its spending with an additional 820 billion won by 2013. The ministry said it also aims to secure a strategic stockpile of 18 million tons of titanium, tungsten, magnesium, molybdenum and rare earth elements by 2015.
The plan does not address how to secure a steady supply of the rare metals, which are mostly produced in China, Canada, Australia, the United States and former Soviet states.
Lee said POSCO plans to spend 34.6 billion won by 2011 to build a magnesium processing plant in Gangwon Province with an annual capacity of 10,000 tons. Depending on demand, the steelmaker plans to invest a total of 200 billion won to increase its capability to 100,000 tons.
The 300 billion won (US$257.7 million) plan was outlined at a meeting of officials from government and businesses, including the world's No. 4 steelmaker, POSCO. The money will be spent on furthering development of 40 key smelting, refining and reprocessing technologies for 10 types of rare metals until 2018, the Ministry of Knowledge Economy said.
With the project, the ministry hopes South Korea will be able to produce 80 percent of the rare metal products it consumes, up from just 12 percent at present.
"In the 21st century the global economy will be led by the rare metal industry," Knowledge Economy Minister Choi Kyung-hwan said, "requiring a comprehensive approach to its development."
The project also aims to boost the number of local rare metal manufacturing companies from 25 to 100, build dedicated regional industrial clusters for such businesses, and utilize a specialized mergers and acquisition fund to buy up foreign firms.
The ministry said the need to grow the rare metal industry is becoming more urgent, as these materials are used to make high-tech products like light emitting diodes, display panels and battery cells needed to drive electric cars.
"We will give first support to the development of technologies needed to process the rare metals that are in high demand," said Lee Seung-woo, head of the ministry's steel-chemical division. These metals are gallium, titanium, lithium, white gold, cobalt, magnesium, indium, tungsten, nickel and rare earth elements.
Lee added that 15-20 additional rare metals will be selected for development down the road as part of the country's long-term effort to enhance overall competitiveness in this sector.
The government will ask the private sector to more than match its spending with an additional 820 billion won by 2013. The ministry said it also aims to secure a strategic stockpile of 18 million tons of titanium, tungsten, magnesium, molybdenum and rare earth elements by 2015.
The plan does not address how to secure a steady supply of the rare metals, which are mostly produced in China, Canada, Australia, the United States and former Soviet states.
Lee said POSCO plans to spend 34.6 billion won by 2011 to build a magnesium processing plant in Gangwon Province with an annual capacity of 10,000 tons. Depending on demand, the steelmaker plans to invest a total of 200 billion won to increase its capability to 100,000 tons.
Monday, November 9, 2009
2009 Montreal Investment Conference
Malaga IR: Thank you to all the visitors over the last few days who came by to chat with us in booth #205 at the Palais Des Congres in historic Montreal Quebec. The Montreal Investment Conference was a resounding success for Malaga Inc. We not only had the opportunity to introduce ourselves as the only tungsten producing company in the Americas, but we also had the privilege of meeting some engaging people who were happy to ask questions, offer suggestions/referrals and even kind enough to provide ideas of future uses of tungsten plus a tungsten built watch for a key photo-op. Incidentally Elizabeth Whyte (from Intierra Resource Intelligence) told us the maps of Peru at Intierra's booth were the first to go!
Merci beaucoup!
Merci beaucoup!
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