115th Sydney Mining Club Luncheon
Garret Dixon, CEO Gindalbie Metals and Charles Schaus, MD Aurox Resources
So how many new 'forces in iron ore' does WA have room for? Gindalbie is currently completing the Bankable Feasibility Studies for its Mungada Hematite and Karra Magnetite Projects some 220 kilometres east of the port of Geraldton.
Both are being driven by a 50:50 joint venture with Anshan Iron and Steel Group Corporation (AnSteel), one of China's leading steel and iron ore companies. Great place to have your consumer - as production partner.
Hematite production is targeted to commence at an initial rate of 2-3Mtpa in 2008, while the Karara Magnetite Project, which is based on a world-class 1.43 billion tonne magnetite deposit, is scheduled to commence production by early 2010 at an initial rate of 8Mtpa of high-grade magnetite concentrate and blast furnace quality pellets.
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Aurox's Balla Balla project in the Pilbara is perhaps the largest and highest grade titanomagnetite iron ore deposit in Australia.
The company has completed a Bankable Feasibility Study for a 3Mtpa operation and recently announced a second sales agreement into China that could see the operation expanding to 6Mtpa. Aurox is in the process of raising $102M in shares and convertible notes.
The estimated capital cost for the first 3Mtpa module is $240M with an additional $80M on constructing a slurry pipeline to Port Hedland if this is approved. Work is already in progress to scale the project up to 6Mtpa.
With a flotilla of iron hopefuls in the market, we present an excellent opportunity to bone up on two of the strongest contenders. Remember to book early.
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