Post #:11621109 Gindalbie Metals Limited (ASX: GBG –...

Post #:11621109
Gindalbie Metals Limited (ASX: GBG – “Gindalbie”) today celebrated a defining milestone in the history of the Australian iron ore industry with the official opening of the Karara Project – Australia’s second largest magnetite project and the largest resource development in the Mid West – by the Hon. Colin Barnett, Premier of Western Australia; Minister for State Development; Science. The landmark opening ceremony – which was held at the Karara mine site, located approximately 225km east of Geraldton – was attended by over 150 dignitaries including Federal Resources Minister the Hon. Gary Gray AO, Gindalbie Chairman George Jones AM, Ansteel Group Chairman Zhang Guang Ning, representatives of the Project’s Chinese banks, Traditional Owners, Karara Mining Limited (KML) employees, contracting partners, representatives of Mid West communities and other stakeholders. “This is a tremendous milestone for the Australian iron ore industry, a very significant event for the Mid West region and the State, and a momentous day for Gindalbie and our Chinese partner, Ansteel,” said Gindalbie Chairman, Mr George Jones. “The successful financing, development, construction and commissioning of this world-scale project, marks the realisation of a long-held dream to establish downstream processing and value adding opportunities for the Australian iron ore industry. “For decades, people have dreamed about unlocking the value of the extensive deposits of low-grade magnetite ore in the Mid West region by processing it to produce high-grade, premium quality magnetite concentrate for export to China,” he added. “I am proud to have been part of this venture which, through KML, has made this dream a reality. The 8 million tonne per annum (Mtpa) Concentrator at the heart of this project turns magnetite ore - which would otherwise have little value - into a valuable premium quality product which is increasingly in demand in global markets. “At the same time, by investing more than $1 billion in new rail, port, power and other infrastructure, KML has been able to unlock a large stranded iron ore deposit and create exciting growth opportunities for the exploration and development of other iron ore deposits in the region. In the process, this project will generate enormous wealth for the region, the State and the nation.