NSL retracts mining project valuation

Burswood company NSL Consolidated has withdrawn an announcement about its planned iron ore project in India after corporate regulators rejected the basis of its valuation.

NSL announced on October 15 that its Southern Indian iron project had a net present value range of $US94 million to $US105 million over its mine life.

It said today it was retracting the statement after discussions with the Australian Securities Exchange and the Australian Securities and Investments Commission.

"It is ASX's and ASIC's view that there is no reasonable basis for a production target and/or a project NPV based on an exploration target," today's statement said.

The NPV, derived from a conceptual study, was based on a production rate of 960,000 tonnes each year from 2011 to 2025, on the base of an exploration target of 11 million tonnes to 15mt.