INTEC LTD
Intec Takes Control from JV Partner
INL - Intec Assumes Full Control at Hellyer – Mr Dave Sammut, Corporate Development Manager
Wed, 6 Aug 2008 10:30AM
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Mr Dave Sammut
Wed, 6 Aug 2008
10:30AM Australia/NSW
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INTEC LTD (INL)
ASX code: INL
Website: http://www.intec.com.au/
Industry: Materials
Principal Activities:
Commercialisation of its patented hydrometallurgical processes.
Address:
University of Sydney, Maze Crescent, Department of Chemical Engineering, J01, Gordon Chiu Building
SYDNEY
NSW
Phone: (02) 9351 6741
Fax: (02) 9351 7180
Executives & Directors
Mr Trevor A Jones , Chairman, Non Exec. Director
Mr Philip Ronald Wood , Managing Director, CEO
Mr Anthony John Moyes , Director
Mr Kenneth John Severs , Non Exec. Director
Mr James R G Bell , Non Exec. Director
Mr Kieran G Rodgers , CFO, Finance Director
Mr Brian Banister , Chief Op. Officer
Mr Robert John Waring , Company Secretary
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Company ASX Announcements
Company ASX announcements can be viewed on the ASX website.
Announcements from the preceding six months are shown below.
Please refer to the relevant stock exchange if any of the above information is incorrect
INTEC LTD (INL) Events
Australia/NSW
INTEC LTD (INL)
| Activities Report | Thu, 27 Nov 2008 |
| Acquires Right to Purchase Major Hydrometallurgical Plant | Wed, 26 Nov 2008 |
| Details of Company Address | Mon, 24 Nov 2008 |
| Results of 2008 AGM | Wed, 19 Nov 2008 |
| Realisation of Hellyer Assets/Form 605 for BSM | Tue, 18 Nov 2008 |
| 2008 Annual General Meeting Presentation | Tue, 18 Nov 2008 |
| MFC: Investment in Bass Metals Limited | Tue, 18 Nov 2008 |
| Intec Metals Recycling Project Update | Tue, 11 Nov 2008 |
| Intec Metals Recycling Project Update | Fri, 7 Nov 2008 |
| Appendix 4C - September 2008 | Thu, 30 Oct 2008 |
Please note: This company appears on this website as a result of its listing on the Australian Securities Exchange. Boardroom Radio does not claim any association with any company listed on this site.
INTERVIEW WITH DAVE SAMMUT, CORPORATE DEVELOPMENT MANAGER OF INTEC LIMITED (INL)
“Intec Takes Control from JV Partner”
http://www.brr.com.au/event/49140
WEDNESDAY, AUGUST 6, 2008, 10:30 AM.
BRR Welcome to Boardroom Radio. Today, I am speaking with the Corporate Development Manager of Intec Limited, Mr. Dave Sammut, and we are
10 presenting to you from the Diggers and Dealers Conference in Kalgoorlie. David, thanks for joining us today. David, your quarterly announcement came out pretty late and close to the cut-off date on the 31st and you immediately followed this up with some fairly significant news for Intec. Can you first touch on the quarterly and let us know the details of this latest development for
15 Intec?
INL Absolutely, James. Well, obviously, it was an important announcement that the two went back to back, and therefore, that is why we held the quarterly right back to the last minute, but an absolutely fabulous quarter for Intec.
20 Down at the Intec Hellyer Mill, we had record production of over 15,000 tonnes of bulk zinc and lead concentrate. That is up 11% year on year and that included contained lead of increasing 41% year on year, so that is a really solid result.
25 The big news that immediately followed that, of course, is that Intec assumed full control at Hellyer. We had always owned the assets 100%, but in joint venture with Polymetals, we had been operating on a 50% basis, and as of the 1st of August, we took full control down at Hellyer. That is an administrative change on an operational basis. The operations continue as
30 normal. All of our employees and contractors continue in their present roles, and the big advantage to the Intec shareholders, of course, is that we now all get full access to the contained metal value in the Hellyer tailings. It also significantly simplifies the corporate activity that underpins a number of the initiatives that are designed to augment the lead and zinc contained value in
35 the concentrate, particularly as the dredge is now going into a lower grade zone of the tailings as part of the ordinary mine plan that has been designed for the long-term life of the Hellyer assets there.
So some of those initiatives could include things like purchase of third-party
40 ores and/or toll treatment of third-party ores. Things like joint venture or resource development opportunities and all of those sorts of things which could augment the contained zinc and lead. This will obviously help buffer the project against rising costs, particularly freights, reagents, and electricity, but even those costs are now reaching their zenith in many cases. As example,
45 the freight cost, we have felt the full impact of the increasing freight cost and we are already seeing that the spot freight rates are now decreasing below the long-term contract rates. So we can expect that as our contract expires several months, closer to a year down the track, then our freight cost can start to go back down again. That is obviously going to be a benefit. Other costs may continue to rise. I mean, I certainly cannot say how things are going to happen with reagent costs, as example, and that obviously makes things somewhat difficult. The Australian dollar zinc and lead prices have been significantly weaker in the last quarter, making the overall operation
5 marginal, but nonetheless an extremely important operation to the long-term value for Intec shareholders.
Obviously, out of the quarterly, there is important other news. Many of our shareholders are, of course, looking very much forward to hearing about the
10 Intec Metals Recycling Project. There has been substantive progress with that project over the course of the last months. We look forward to putting forward some very important news with respect to that project in August. I like to joke that it is our “duck project” right now. Everything is stillness and grace above the water, and down below, the feet are paddling madly. Then, of
15 course, there are a number of third-party projects that are developing the Compass Project, the Russian project we signed an MOU with UMMC with respect to the Russian project there, and we have also signed another agreement with an Iranian company about developing project over in that part of the world. So, again, a very active quarter and one that we are very proud
20 of.
BRR Dave, thanks very much for taking the time to give us an update on the quarter and your latest news with the assumption of control at the mill, and we look forward to further developments from Intec in the quarter ahead.
25 INL Thank you.
INTERVIEW CONCLUDED
Contact brr@brr.com.au for more information
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