Last Friday I was informed we are expected to receive our "medium producer licence " upgrade from Peru between late Q1 and early Q2. This key upgrade will permit the Company to increase its tungsten production from 375 tonnes per day (tpd) to the much anticipated 500 tpd rate.
The updated factsheet and new PPT presentation will be ready before the Toronto PDAC conference.
The tungsten price is steadily rising in China as well the tungsten APT European bid price has increased from US $185 MTU to $205 MTU in the last month.
Tungsten APT European free market $ per mtu
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Wednesday, February 17, 2010
Monday, February 8, 2010
Malaga Inc. to receive US$ 2.5 million from recycling copper-silver rich mine tailings from Pasto Bueno
Malaga Inc. (malaga)
Symbol: MLG
Toronto Stock Exchange (TSX)
MONTREAL, Feb. 3 /CNW Telbec/ - Malaga Inc. (TSX:MLG) is pleased to announce that it has found a technique to recycle the Copper(Cu)/Silver(Ag) rich mine tailings produced at its Pasto Bueno mine as a by-product during processing of tungsten ore. During the next 6 months, more than 5,000 tonnes of this tailing will be recycled generating more than US$ 2.5 million.
During 2009, Malaga invested in a small pilot plant in order study the feasibility of concentrating the mine tailings produced at Pasto Bueno. The goal was to produce a saleable tailing concentrate. After solving several problems, the company succeeded in producing a tailing concentrate enriched Cu and Ag and low enough in impurities to allow commercial extraction of the Cu and Ag content.
Malaga has now signed an agreement with a Peruvian company to process the enriched tailings and expects to receive more than US$ 2.5 million during the next 6 months. After disposing of the mine tailings that accumulated during its first 3 years of operations, Malaga expects to produce 300-400 tonnes of tailing concentrates per month. This amount will increase during 2010 as Malaga increases its rate of production producing a steady additional cash flow from recycling.
Malaga President and CEO, Jean Martineau commented, "We are pleased to have found a technical novel solution for the recycling of our mine tailings that initially appeared to be very difficult to recycle. Thanks to our in house metallurgical engineers, Malaga is able to increase its operational cash flow and act in an environmentally responsible manner."
Tungsten Outlook for 2010
Pierre Monet, Malaga's CFO also commented on the tungsten market at the beginning of 2010. "We are delighted to see that the price of tungsten, as we expected, has increased both inside China and on the world market. Indeed, since the 15th of January 2010, the price of APT (Ammonium Paratungstate) has increased three times (in two $5 steps and one $2 step) from US$185 to reach US$197 per MTU. We expect that this tendency will continue, although more gradually, throughout 2010 and that Malaga as its production increases at Pasto Bueno will be in a much stronger position as the leading producer of tungsten ore in the Americas."
ABOUT MALAGA INC.
Malaga Inc. is the Americas leading producer of tungsten ore and owns the only operating tungsten mine in the Americas. Current tungsten concentrate production is approximately 7,500 MTUs per month and is expected to increase to above 9,000 MTUs, in the near future. Malaga also seeks diverse growth opportunities such as developing the hydroelectric potential of its Pasto Bueno property, through Hidropesac, in which the Company holds 44%, as well as through its holding in Dynacor Gold Mines Inc., in which the Company owns 13.5%.
The Company's shares trade on the Toronto Stock Exchange (TSX:MLG). Malaga is currently the only publicly traded tungsten producing company outside of China. Updates and information on Malaga are available at its web site www.malaga.ca.
FORWARD-LOOKING INFORMATION
Certain statements in the foregoing may constitute forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Malaga, or industry results, to be materially different from any future result, performance or achievement expressed or implied by such forward-looking statements. These statements reflect management's current expectations regarding future events and operating performance as of the date of this news release.
Symbol: MLG
Toronto Stock Exchange (TSX)
MONTREAL, Feb. 3 /CNW Telbec/ - Malaga Inc. (TSX:MLG) is pleased to announce that it has found a technique to recycle the Copper(Cu)/Silver(Ag) rich mine tailings produced at its Pasto Bueno mine as a by-product during processing of tungsten ore. During the next 6 months, more than 5,000 tonnes of this tailing will be recycled generating more than US$ 2.5 million.
During 2009, Malaga invested in a small pilot plant in order study the feasibility of concentrating the mine tailings produced at Pasto Bueno. The goal was to produce a saleable tailing concentrate. After solving several problems, the company succeeded in producing a tailing concentrate enriched Cu and Ag and low enough in impurities to allow commercial extraction of the Cu and Ag content.
Malaga has now signed an agreement with a Peruvian company to process the enriched tailings and expects to receive more than US$ 2.5 million during the next 6 months. After disposing of the mine tailings that accumulated during its first 3 years of operations, Malaga expects to produce 300-400 tonnes of tailing concentrates per month. This amount will increase during 2010 as Malaga increases its rate of production producing a steady additional cash flow from recycling.
Malaga President and CEO, Jean Martineau commented, "We are pleased to have found a technical novel solution for the recycling of our mine tailings that initially appeared to be very difficult to recycle. Thanks to our in house metallurgical engineers, Malaga is able to increase its operational cash flow and act in an environmentally responsible manner."
Tungsten Outlook for 2010
Pierre Monet, Malaga's CFO also commented on the tungsten market at the beginning of 2010. "We are delighted to see that the price of tungsten, as we expected, has increased both inside China and on the world market. Indeed, since the 15th of January 2010, the price of APT (Ammonium Paratungstate) has increased three times (in two $5 steps and one $2 step) from US$185 to reach US$197 per MTU. We expect that this tendency will continue, although more gradually, throughout 2010 and that Malaga as its production increases at Pasto Bueno will be in a much stronger position as the leading producer of tungsten ore in the Americas."
ABOUT MALAGA INC.
Malaga Inc. is the Americas leading producer of tungsten ore and owns the only operating tungsten mine in the Americas. Current tungsten concentrate production is approximately 7,500 MTUs per month and is expected to increase to above 9,000 MTUs, in the near future. 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 13.5%.
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.
Wednesday, January 6, 2010
Tungsten concentrate Chinese price rises by 3% in early January 2010.
Rising downstream prices (retailer's pricing) is the catapult behind market optimism. Yesterday the price of tungsten concentrate rose by over 2000 yuan. In December tungsten was selling for 69,000 yuan and today it is being reported from a major tungsten producer in the province of Hunan that tungsten is selling between 71,000-72,000 yuan.
Some producers are confident that the price of tungsten is about move further up in the near future and therefore are considering to remove their tungsten from today's market.
There is the real possibility the Chinese government may cancel the 8% VAT exemption which at this time the private Chinese producers are benefiting from. If the government decides on this course of action, this will put more pressure on the price of tungsten as the private tungsten producers will be forced to raise their prices due to the 8% tax expense.
What does this mean for Malaga "America's Only Tungsten Producer" ? Well simply this latest event in the world of tungsten equates to a higher APT (ammonium paratungstate) price. On December 11, 2009 Chinese APT was selling between $185-$190 MTU (metric ton unit) and today it is selling for $194-$195 MTU.
In my opinion, this latest move out of China is significant as we have to take into consideration many western buyers are still not back from the holidays; next week could be quite interesting in the world of tungsten.
If the west doesn't keep up to the market's demand on a higher price, China has an enormous buyer waiting in the wings...their domestic market...
Some producers are confident that the price of tungsten is about move further up in the near future and therefore are considering to remove their tungsten from today's market.
There is the real possibility the Chinese government may cancel the 8% VAT exemption which at this time the private Chinese producers are benefiting from. If the government decides on this course of action, this will put more pressure on the price of tungsten as the private tungsten producers will be forced to raise their prices due to the 8% tax expense.
What does this mean for Malaga "America's Only Tungsten Producer" ? Well simply this latest event in the world of tungsten equates to a higher APT (ammonium paratungstate) price. On December 11, 2009 Chinese APT was selling between $185-$190 MTU (metric ton unit) and today it is selling for $194-$195 MTU.
In my opinion, this latest move out of China is significant as we have to take into consideration many western buyers are still not back from the holidays; next week could be quite interesting in the world of tungsten.
If the west doesn't keep up to the market's demand on a higher price, China has an enormous buyer waiting in the wings...their domestic market...
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