Ivernia Wins Approval

Article Excerpt

IVERNIA INC. $1.73 (Toronto symbol IVW; SI Rating: Speculative)(416-867-9298; www.ivernia.com; Shares outstanding: 146.9 million; Market cap: $254.2 million) has received approval from the Western Australia state government to export lead concentrate through the Port of Fremantle, 1,250 kilometers from its mine. Ivernia will have to ship the concentrate in sealed containers, post a $4.4 million bond and have shipments inspected by an independent auditor. Ivernia suspended production at its Magellan lead mine in Western Australia in April 2007, after the Port of Esperance blocked shipments due to bird fatalities from lead poisoning. Esperance is 700 kilometers from Ivernia’s mine. The company said it would take four months to clear 19,000 tons of lead stockpiled at Magellan and 9,000 tons stored at Esperance. After production resumes at Magellan, Ivernia aims to ship 150,000 metric tons of lead concentrate from Fremantle each year to customers in China. Lead is currently trading for about $2,600 a ton, up from $1,700 a ton a year ago. Ivernia…