IronClad says 'only matter of time' before iron ore mine operating
Posted Thu 3 Oct 2013, 12:22pm AEST
IronClad Mining says it is confident its proposed iron ore mine near Kimba, on South Australia's Eyre Peninsula, will be operating soon, possibly by the middle of next year.
The company says a major review of the mine has boosted its economic prospects.
Executive chairman Ian Finch says even if the iron ore price eased, there would still be good cash flow and it is hoped financial institutions will come on board.
"In this game you've got to be confident - it's been a long time, we've done a lot of innovative things to get to where we are," he said.
"As far as we can see there is no turning back, we've spent something in the order of $67 million to get to where we are today - we seem to have 99 per cent support - therefore it would seem to be only a matter of time.
"So the financial model is very, very robust, the company is in the strongest position it's ever been and hopefully one of the many banks and institutions we've been talking to over the last year will come to the party because it's a very bankable document now."
TYX Price at posting:
14.0¢ Sentiment: Hold Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)