BCK (ASX) Ann: Farm-In &amp; JV Agreement and Cooperation on Ophthalmia Project

Originally posted by sabine: ↑

Cap raise on the way?
Maybe after the port development is approved?

cheers

https://thewest.com.au/business/mining/minres-boosts-port-credentials-with-expanded-brockman-deal-ng-b881854347z
MinRes boosts port credentials with expanded Brockman deal

Stuart McKinnonThe West Australian
Fri, 23 April 2021 11:05AMComments
Stuart McKinnon

The Wonmunna minesite in the Pilbara.

Mineral Resources has strengthened its case to build two new shipping berths at Port Hedland by signing an expanded joint venture agreement with Chinese-backed Brockman Mining over its Marillana iron ore project.

The 50/50 partnership first mooted in 2018 has been expanded to include the 341 million tonne Ophthalmia deposit, boosting the 1.5 billion tonne inventory at Marillana, which lies about 50km to the north west.

The expanded joint venture will involve export of a minimum 25 million tonnes per annum, but the addition of Ophthalmia is set to give the partners scope to expand output to 40Mtpa and potentially more.

Besides boosting MinRes’ hopes to secure State Government approval to build two new Cape-size berths at South West Creek at Port Hedland, the expanded deal also aids its ambitions of becoming a 92Mtpa producer within 3-5 years.

For Brockman, the deal provides a logistical solution to exploit its long-stranded Marillana deposit 100km north-west of Newman, although earlier plans for a light rail link between the project and Port Hedland have been abandoned in favour of trucking.

WestBusiness understands MinRes will look to use new road trains capable of hauling 300t to transport ore from Marillana 320km north to Port Hedland for export at South West Creek.

MinRes will begin $105m in early works at Marillana immediately under the terms of the deal.

“The immediate commencement of these initial development works is intended to speed up the development timeframe of both Marillana Project and Ophthalmia project, which is currently estimated to be around 42 months from the formation of the joint venture,” Brockman said in a statement.

Plans to fast-track development of Marillana comes as the price of iron ore reached decade highs of nearly $US190/t this week.

The cost of developing Marillana, which is to be split evenly between the two parties, has previously been estimated at $300m.
Under the terms of the joint venture, MinRes would build, own and operate the crushing and beneficiation plants and operate and maintain the project as manager.

MinRes will also charge its partner for providing its mining and transport services.

However the plans are likely to hinge on a State Government decision on the development of South West Creek.
MinRes is hopeful its junior producer status will earn it the right to a State Agreement to develop two berths at the site.

A spokeswoman for Ports Minister Rita Saffioti told WestBusiness this month the State Government was waiting for the Pilbara Ports Authority to finish a review of the Port Hedland Development Plan before making any decisions about the future of South West Creek.

“This review is anticipated to be completed later this year,” she said.

The revised Marillana deal comes a month after MinRes celebrated first ore from its new Wonmunna iron ore mine in the Pilbara after buying the project from the Australian Aboriginal Mining Corporation last year.

Brockman shares soared 6.3¢, or 242 per cent, to 8.9¢ by 10.50am on the news while MinRes shares were up 56¢, or 1 per cent, to $45.61.

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Min will fund the first phase by 105million. Anyway this company has rich dudes so no issues with funding. This is a company maker . Next week it won't be this price it will be higher. Imo is a buy

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(20min delay)
Last 2.4¢		Change 0.000(0.00%)		Mkt cap ! $222.7M

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2.4¢	2.4¢	2.4¢	$888	36.99K

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