AGO 0.00% 4.5¢ atlas iron limited

Minister's comments regarding NWI, page-56

  1. 168 Posts.
    lightbulb Created with Sketch. 47
    Just posted this in the substantial holder thread;

    "Has anyone referenced the AFR article that went up at about quart to 4 yesdee?

    If not - https://www.copyright link/business/port-d...as-it-seeks-to-boost-capacity-20180615-h11fku

    Haven't got the noggin around it yet, but it has a slight whiff of Rinehart, at least, looking to block more production of low grade ore, while adding port capacity by another route.

    And, methinks there might be significance in some of this;

    "PPA chairman Ken Pettit said the option of calling for expressions of interest was open to the authority in the absence of any current proposals to develop one of two berths set aside for junior miners on the western side of South West Creek in the inner harbour.
    Mr Pettit confirmed Mineral Resources had expressed interest in developing one of the berths, but the other was up for grabs in the eyes of the board.
    He said the PPA board considered a long-stalled proposal from Atlas Iron-controlled North West Infrastructure (NWI) to develop both berths as defunct and had done so for a number of years.

    His comments add weight to those of WA transport minister Rita Saffioti, who has notified Atlas that NWI does not have priority rights to develop the new berths despite the company's claims to the contrary.
    "The area designated for berths is adjacent to those operated by Mrs Rinehart's Roy Hill, but further up South West Creek and in shallower water.
    Sources suggest Ms Rinehart has a long-held interest in the South West Creek berths because they add flexibility for Roy Hill and deliver export capacity for her proposed Mulga Downs iron ore mine.
    The WA government reiterated this week that the berths were set for junior iron ore miners, but other than MinRes there appears little prospect of a proponent fitting that description stepping forward.

    Mr Pettit said NWI, formerly known as North West Iron Ore Alliance, had expressed an interest as far back as last decade but "they have not progressed it and the port treats that interest as defunct".
    "Separately from that, Chris Ellison's Mineral Resources has expressed interest in development, which as I understand it is confined to one only of those remaining designed berths being South West Creek 3," he said.
    "Other than that it is all up in the air. There has been no approval by the board of any proponent or any particular development as yet.
    "One option for the board would be to put out an expression of interest for development of South West Creek if it turns out that MinRes does take, and takes only, South West Creek 3."

    Ellison does seem to go OK at keeping lots of balls in the air."
 
watchlist Created with Sketch. Add AGO (ASX) to my watchlist

Currently unlisted public company.

arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.