Malaysia Smelting Lifts Aussie Tin Miner Stakes
- Reuters 24th March, 2003

Malaysia Smelting Corporation has acquired a 13 percent stake in Australian tin mine Marlborough Resources NL and plans to lift its stake to 30 percent next month, subject to shareholder approval, Marlborough said on Monday.

Malaysia Smelting has subscribed to about 34.9 million new Marlborough shares, paying A$1.742 million ($1.028 million) or about 5 cents each, the Australian firm said.

Malaysia Smelting which refines about 15 percent of the world's tin, also agreed to invest a further A$3.6 million to increase its stake in Marlborough to about 30 percent, pending approval by Marlborough shareholders in an April 16 vote.

The capital has been earmarked by Marlborough to fund development of a project to glean more tin from tailings at its Ardlethan lode in eastern Australia and to investigate new tin projects.

Marlborough crushes ore from its Ardlethan mine into concentrate powder, an intermediate feed, which already is shipped to Malaysia Smelting for refining at a rate about 200 tonnes of metal a month.

The material is sold by Marlborough under the floor price scheme with Barclays Bank that costs the company $100,000 year, ensuring Marlborough receives a minimum $4,420 a tonne for the metal.

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