Cockatoo Island Project Gets a New Mine Plan

Pluton Resources Ltd. (ASX:PLV) is in the process of formulating a long-term mining and operations plan for the Cockatoo Island project.

As quoted in the market news:

In November this year, project house Watpac was ordered to undertake a limited scope of mining work at the Cockatoo Island operations, after the mining services contract was suspended after Pluton’s junior Chinese creditor Rizhao Port Group appointed receivers and managers to Pluton.

The ASX-listed company subsequently reached an agreement with Rizhao on a revised payment regime to satisfy the debt owed to the Chinese firm. The company also ordered a shipment of ore to its security holder General Nice Resources Commercial Offshore De Macaw Limitada (GNR).

Pluton said this week that Watpac has now started mining and ore loading to fulfill these shipments, and the first ship was due to be loaded this month, with the second due in January.

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