What's looking like the world's highest grade molybdenum and rhenium deposit in Queensland could be exploited from a $20 million decline development by the end of 2009. Ivanhoe Australia Ltd managing director and chief executive Peter Reeve said the company's Merlin discovery had been a catalyst for the redevelopment of the Cloncurry field, which also included the resource house's Mt Dore copper-gold heap leach play, the Mt Elliott copper-gold system and the Starra Line property. These will be the subject of development studies next year and, with seven drill rigs on site, will be progressively drilled over the coming months.
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