The field trials were undertaken by (and at the cost of) the
This milestone is part of the
Capricorn & MACA - non binding memorandum of understanding Capricorn is following the trials and progress towards validation of the technology with interest as there is potential long terms benefits to both MACA and Capricorn of a successful roll out, including: improved operating efficiency and availability which could deliver cost savings; lower consumption of fuel and lower wear on tyres and brakes; lower personnel demand in a tight labour market and improved safety outcomes from reduced personnel numbers in the active mine environment
Capricorn and MACA management have a long history of successful project collaboration. It is based on this relationship that Capricorn provided the
The non-binding MOU is subject to, amongst other matters: validation of the safety of the technology to industry risk management, insurance and other standards; validation of viability and efficiency of the technology to Capricorn operating standards; receipt of all regulatory, legal, insurance and other approvals that may be required and negotiation of satisfactory commercial and legal arrangements between the parties in relation to its implementation, including the principle that Capricorn will be 'no worse off' than its current contracted mining schedule of rates as a result of any implementation.
The parties note that there is no guarantee or certainty that the technology will ultimately achieve fully operational implementation. However this is a significant first step in an innovation that has until now been the domain of the major international miners.
Capricorn Executive Chairman
This announcement has been authorised for release by the
Contact:
Mr
Tel: +61 8 9212 4600
Email: enquiries@capmet.com.au
Forward Looking Statements
This announcement may contain certain 'forward-looking statements' which may not have been based solely on historical facts, but rather may be based on the Company's current expectations about future events and results. Where the Company expresses or implies an expectation of belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. The detailed reasons for that conclusion are outlined throughout this announcement and all material assumptions are disclosed. However, forward looking statements are subject to risks, uncertainties, assumptions and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to resource risk, metals price volatility, currency fluctuations, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, as well as governmental regulation and judicial outcomes. Readers should not place undue reliance on forward looking information. The Company does not undertake any obligation to release publicly any revisions to any 'forward looking statement' to reflect events or circumstances after the date of this announcement, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
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