St. John�s - Newfoundland and Labrador Refining Corporation (NLRC), of which Altius Minerals Corp. is a major shareholder, has provided an update with respect to the construction planning and development of its proposed new oil refinery project in Placentia Bay, Nfld., and Labrador.
A copy of the NLRC news release is provided below in its entirety.
For additional information please contact:
Brian F. Dalton
President or Chad Wells
Vice President - Corporate Development
The TSX Exchange does not accept responsibility for the adequacy or accuracy of this release.
Date: November 29, 2007
Release: NLRC-0705
NEWFOUNDLAND AND LABRADOR REFINING CORPORATION SIGNS AGREEMENTS WITH SNC-LAVALIN AND JAPAN�S IJK FOR PLACENTIA BAY REFINERY DEVELOPMENT
St. John�s - Newfoundland and Labrador Refining Corporation (NLRC) is pleased to report that it has entered into two new agreements relating to the development of its proposed 300,000 barrel per day grassroots oil refinery in Placentia Bay (the Project). These include a Memorandum of Understanding (MOU) with SNC-Lavalin Inc. (SNC-Lavalin) concerning the provision of engineering, procurement and construction management services (EPCM) for the Project and an agreement with Japan�s IJK consortium for the provision of heavy-walled steel reactor vessels.
SNC-Lavalin MOU
NLRC and SNC-Lavalin have entered into an MOU that envisions the parties entering into an EPCM contract by January 31, 2008. This contract would retain SNC-Lavalin to provide EPCM services to NLRC related to the Project. The scope of activities defined by the agreement includes basic engineering, front-end engineering and design, detailed engineering, procurement, project management services, and construction management for the Project.
SNC-Lavalin has worked with NLRC on its project since early 2006 and to date has participated in the completion of the refinery project feasibility study, preparation of the design basis memorandum, environmental assessment and various activities related to overall project management and third-party licensor coordination.
IJK Consortium Heavy Walled Vessels Procurement
NLRC and IJK Consortium (IJK) have entered into an agreement whereby IJK will fabricate and deliver several heavy-walled vessels related to the new refinery�s process units. These vessels, which have been identified by NLRC as �long-lead time� items, involve specialty forged steel and fabrication infrastructure that is only available at a few locations worldwide.
The IJK Consortium is a partnership of three leading companies: Japan Steel Works Ltd., Kobe Steel Ltd. and I.P.S. Services Inc. Together, this consortium has the world�s longest fabrication history and is the leading fabricator of heavy wall reactors.
For further information please visit the company website at www.nlrefining.com or contact our corporate office.
Media Contacts:
Brian Dalton (Director) or Roland Butler (Community Inquiries), 1-888-570-3442
brian@nlrefining.com / roland@nlrefining.com
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Altius Minerals Corporation
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PRODUCER |
CODE : ALS.TO |
ISIN : CA0209361009 |
CUSIP : 020936 |
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Altius Min. is based in Canada. Altius Min. produces iron, coal, cobalt, copper and nickel in Canada, and holds various exploration projects in Canada. Its main asset in production is VOISEY'S BAY in Canada and its main exploration properties are NUIKLAVIK, ALEXIS RIVER, LABRADOR PROJECT, BOXEY POINT, NOTAKWANON, TOPSAILS, KAMISTAITUSSET, TAYLOR BROOK, SOUTH TALLY POND, ROCKY BROOK and VIKING in Canada. Altius Min. is listed in Canada and in United States of America. Its market capitalisation is CA$ 928.3 millions as of today (US$ 675.2 millions, € 634.2 millions). Its stock quote reached its lowest recent point on March 28, 2003 at CA$ 1.39, and its highest recent level on April 19, 2024 at CA$ 21.42. Altius Min. has 43 340 000 shares outstanding. |