Buckland Project

With the improving cashflow position at IV, and the expectation and understanding that this will be a longterm cashflow producing asset for BCI, the future direction of the company (at this time, ignoring potential acquisitions) will be focused on the company’s Buckland Hills IO project, in the West Pilbara region.

Anyone who currently holds shares, or is interested in investing, in BCI should have a solid understanding of this major project, its capabilities and options for development.

Hopefully this thread will be a catalyst for open discussion, research and analysis on the Buckland Project.

Buckland Project – An Overview

Firstly, attached is a link to an older YouTube video (Nov 2014) BCI had reproduced and updated from a previous IOH version (BCI purchased IOH in Aug/Nov 2014), which sets out the basic concept of the Buckland Project.



It is interesting that this video no longer appears on the BCI website, however it should be noted that it emphasised the ‘independent’ or standalone status of the Buckland Project, providing a complete mine/transport/port solution. Sadly, times have changed since the videos production, with the IO price having collapsed and investment sentiment in the IO market having reduced substantially.

Buckland by the numbers. Mineral Resources =

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7	Column 8	Column 9	Column 10	Column 11
0	Type/​ Deposit​	JORC Class​	Cut Off​ (% Fe)​	Tonnes​ (Mt)​	Density​ t/m3​	Fe​ %​	CaFe​ %​	SiO2​ %​	AI2O3​ %​	P​ %​	LOI​ %​
1	Bungaroo South	Measured	50​	30.9​	2.6​	57.4​	62.1​	6.7​	3.0​	0.15​	7.6​
2	Indicated	50​	214.9​	2.5​	56.6​	61.6​	7.8​	2.4​	0.15​	8.1​
3	Dragon	Indicated	50​	9.1​	2.3​	55.8​	60.9​	8.1​	3.1​	0.14​	8.3​
4	Inferred	50​	3.4​	2.3​	54.7​	59.4​	10.2​	3.0​	0.13​	7.9​
5	Rabbit	Indicated	50​	5.9​	2.6​	55.0​	58.9​	10.3​	3.4​	0.13​	6.6​
6	Inferred	50​	1.3​	2.5​	53.7​	58.1​	11.2​	3.3​	0.08​	7.5​
7	Rooster	Indicated	50​	5.2​	2.6​	55.8​	60.2​	7.2​	4.6​	0.08​	7.3​
8	Inferred	50​	5.4​	2.5​	52.1​	56.8​	9.6​	6.3​	0.06​	8.3​
9	Snake	Inferred	50​	7.1​	2.6​	57​	62.6​	5.8​	2.8​	0.15​	9.0​
10	TOTALS​	Measured	50​	30.9​	2.6​	57.4​	62.1​	6.7​	3.0​	0.15​	7.6​
11	Indicated	50​	235.1​	2.7​	57.4​	62.2​	6.5​	2.8​	0.16​	7.7​
12	Inferred	50​	17.2​	2.9​	57.0​	60.7​	7.3​	3.9​	0.13​	6.1​
13	TOTAL DSO​	283.2​	2.7​	57.4​	52.0​	6.6​	2.9​	0.16​	7.5​

  
* Feasibility study completed (by IOH) for Buckland in June 2014
* JORC (2012) Ore Reserve of 134Mt at 57.6% Fe2
* 8 Mtpa of ~58% Fe fines for more than 15 years
* FOB cash operating costs av $48.40 per tonne over the life-of-mine (June 2014 costings)
* All major permits and approvals secured for mine, road and port

As labour, construction and fuel costs have all reduced since the av $48.80 cost per ton was determined, along with more efficient transport costs, i would think that a rather large reduction in this av cost could be expected and achieved.

More to come.