Congratulations on the successful sale of the Nifty copper operation

18/11/98

Western Australian Resources Development Minister Colin Barnett today congratulated WMC Resources Limited and Straits Resources Limited on the successful finalisation of the sale of the Nifty copper operation in the east Pilbara region.

"I am pleased to welcome Straits Resources to its first operating project in WA and look forward to its continuing success as a low cost solvent extraction electrowinning copper producer," Mr Barnett said.

Straits Resources Limited (Straits) was founded in 1992 and has established itself as a low cost copper producer. Straits operates the Girilambone Copper Mine (60 per cent interest) in New South Wales, a heap leach solvent extraction electrowinning (SX/EW) project, similar to Nifty. The company also has interests in coal and gold.

Two other copper projects in WA - namely Whim Creek (100 per cent interest) and Maroochydore (50 per cent interest) - are currently under consideration by Straits.

"Straits acquisition of Nifty enhances the future development of the nearby Maroochydore deposit and this would represent a further significant boost for the East Pilbara region," Mr Barnett said.

The Nifty copper mine and processing plant is currently WA's principal copper producer. Production at Nifty in 1997-98 rose by 31 per cent to 15,045 tonnes. The operation currently employs around 70 people.

The mine has operated under the provision of the Western Mining Corporation Limited (Throssell Range) Agreement Act 1985 through both its exploration and operational phases. Straits now takes over the State Agreement.

Mr Barnett said the successful conclusion of the sale of Nifty and transfer of the State Agreement was achieved through the strong co-operative working relationship established between all the groups involved, including Government departments and the companies.

Media contact: Justine Whittome, (08) 9222 9699