30
Oct
ALBIDON LTD (ALD)
Comments
Albidon Limited – Quarterly Activities Report
For the period ended 30 September 2008
HIGHLIGHTS
- Production ramp-up continued at the Munali Nickel Project with 5,606 tonnes of concentrate produced at an average grade of 6.72% Ni.
- Initial sales proceeds of US $3.1M were received in October 2008 from Jinchuan for July and August deliveries.
- The company closed out its nickel hedging positions in October 2008 realising US $50m. The majority of these proceeds will be used to repay senior debt.
- At the Selebi-Phikwe project in Botswana, results were received for the 4,000 line km airborne VTEM survey with several strong conductors identified.