chinese checkers, page-3

The thing to take notice of in this announcement is the amendments to a state aggreement signed back in 2002. These amendments could have a major benificial impact on the Balmoral projects and their participents. Reading between the lines with FIRB approval immenent and chinese president due shortly and the 14 chinese checkers at head office there could be some upside in arh shortly Citic Pacific buys Pilbara iron ore property


It is reported that Hong Kong based Citic Pacific has bought a pastoral lease in north west Western Australia where it hopes to build an iron ore mine and port. It bought the lease for Mardie Station in the Pilbara from the Thompson family earlier this month. It is understood Citic paid between AUD 15 and AUD 20 million for the lease.

The 224,000 hectares lease is 100 kilometers south of Karratha and covers the proposed port at Cape Preston and the Balmoral iron ore deposit.

As per reports, Citic is planning to build a port, mine, pellet plant and accommodation village, but it is yet to receive the necessary amendments to a state agreement and receive government approval.

The company, however, has retained the station manager to continue running it as a pastoral business.