The market depth has changed today with buyers wanting in at recent low prices. Here is part of announcement made this morning:
AUSTPAC RESOURCES NL 2002-07-31 ASX-SIGNAL-G
HOMEX - Melbourne
+++++++++++++++++++++++++ QUARTERLY REPORT TO 30 JUNE 2002
HIGHLIGHTS
* Ginkgo testwork continued at the ERMS facility Newcastle funded by BeMaX.
* Austpac Resources N.L. and Ticor Limited advanced with negotiations on a new agreement to replace the current world-wide agreement for the use of the ERMS/EARS synthetic rutile processannounced in July 2000.
* Austpac and Ticor are also renegotiating the AusRutile agreement with Indian Rare Earths Limited (IRE) to cover the feasibility study and possible development of a 100,000 tpa ERMS/EARS facility at Chatrapur. The original agreement, signed in October 2000, envisaged building a 10,000 tpa ERMS/EARS synthetic rutile plant adjacent to IRE'S heavy minerals processing facilities near Chatrapur in the state of Orissa, India.
* Austpac is currently involved in negotiations with a North American corporation with a view to forming a fully financed joint venture involving the establishment of an ERMS/EARS synthetic rutile plant in conjunction with an international mineral sands development.
* Austpac is also involved in negotiations with a major Australian company for an exploration joint venture in the Murray Basin.
* Testwork for a European group to reduce chrome levels in an ilmenite concentrate from a large heavy mineral sand deposit is being planned for the next quarter.