Coziron sheds off Indonesian Iron ore, coal projects

ASX-listed junior mining firm Coziron Resources Limited is cutting down other Indonesian projects to concentrate to bring its Agam iron sands project in West Sumatra to come onstream in 2009.

The company said in a report released Friday that it had decided to write off Rawang Gadang iron ore prospect and and Inderapura and Tapan coal projects, all of which are located in the western part of Sumatra.

The company has also decided not to proceed with the Heads of Agreement s of Singkarak copper-gold project in West Sumatra and Landas Paeu Coal Project in West Kutai regency, East Kalimantan.

?The company believes the exploration and mining costs for Iron Sands are significantly lower and the return on capital period is shorter than the projects above,? it said in a statement.

Coziron is planning to initially produce 30,000 tonnes per month of iron sands with initial mine life expected to last for 8 years. The company said it had received strong indicative production offtake offers from a number of Chinese group. (alex)