TITAN Resources has decided to write off $13.7 million from
its Armstrong project.
In an announcement to the Australian Stock Exchange, the
company said its directors believed there was still some value in the mine,
although it was unquantifiable at this stage.
The company bought the Armstrong ground from WMC and
proceeded to mine it with the ore being processed at WMC Resources Kambalda
Nickel Concentrator.
However, that ore was found to be unacceptable as feedstock.
On December 22 last year Titan announced the cessation of
its mining activities at Armstrong.
Its mining contractor Cook’s Construction was able to
relocate the majority of its Armstrong personnel.