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$6b iron ore project hit with setbacks
BBI Group has pushed back a deadline for its $6 billion iron ore Pilbara port and rail project by 18 months and reported poor drilling results.
The Todd Corp-backed company has also struck non-binding offtake deals with Chinese customers for up to 40 million million tonnes per annum of ore.
Associated company Flinders Mines yesterday said BBIG had obtained an extension under a State Agreement for the submission of proposals for the Balla Balla project from March 2019 to September.
BBIG had also advised Flinders that following drilling, its Hay Stack Flats tenements were unlikely to have sufficient tonnage to justify a standalone development. The asset had previously been estimated to contain 400mt.
Flinders said the “highly conditional” contracts had been entered with several Chinese companies.
