Magnetite iron ore miners offered concessions Updated 3 minutes ago
Photo: Gindalbie's Karara mine east of Geraldton produces magnetite iron ore. (ABC News: Kathryn Diss) Map: Geraldton 6530 The Premier Colin Barnett has announced he will give magnetite iron ore miners a royalty concession in a bid to get projects off the ground.
Mr Barnett made the announcement at the official opening of Gindalbie's Karara mine in the Midwest.
The Premier says miners will receive a rebate of up to 50 per cent on royalties paid during the first 12 months of magnetite production.
The policy will apply for a three year period from now.
Gindalbie chairman George Jones has welcomed the announcement, saying it will give small and emerging magnetite miners a chance to start their operations.
Gindalbie started building the magnetite iron ore project in a joint venture with Chinese company, Ansteel in 2009.
The project employed 2,500 people during peak construction and will provide ongoing jobs for 500 people.
Mr Jones says for years people have dreamed of unlocking the low grade magnetite iron ore of the Mid West and he is proud the Karara mine has made that a reality.
Gindalbie made its maiden shipment of iron ore from Geraldton in January, representing the first ever commercial shipment of magnetite iron ore from WA.
Topics: mining-industry, geraldton-6530
GBG Price at posting:
20.0¢ Sentiment: None Disclosure: Not Held
