Shipping slows in the March quarter due to cyclone season. Peter has provided guidance of less ships in the March quarter. This was actually a question Peter reveived from Macquarie at a recent presentation.
So I reckon 5mt is too high.
Peter Kerr recently stated that the current mine plan stretches some 3 to 4 years.
The mine plan can often change, such as when the angle of repose of the northern wall increased to 80 degrees, and when the processing plant was beefed up.
Peter Kerr has stated the inferred mineral resource with lower iron and higher silica may be blended.
The inferred resource is some 30mt of 64% Fe with 5.8% silica.
The CP, Elizabeth, can only include in the inferred resource what portion that she is reasonably confident of can be mined economically.
Much of Koolan has already been drilled at 50 metre spacings.
As stated in a paper on JORC by Xstract Mining Consultants in Brisbane, the difference between being included in the resource and not the reserve often comes down to whether the resource is included in the current mine plan.
Currently Peter Kerr's mine plan extends 3 to 4 years.
To go beyond 3 to 4 years would mean mining the resource, for which Peter has already spoke about in a presentation and followed up by an application to the WA government to increase the mine footprint by 143 hectares with an end date of 2031 (which pretty well lines up with the quantity of resource that the CP, Elizabeth, has stated in her report).
MGX Price at posting:
44.5¢ Sentiment: Buy Disclosure: Held
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