epa whingers, page-9

Good summary from GBG ann today.

corporatefile.com.au

What update can you give on the progress of approvals with the EPA?


CEO Garret Dixon

This is the other major approval that we’ve been waiting for. Again, this
process has taken longer than we had hoped, in fact more than three years. But
we have been working closely with the WA Government and I’m pleased to
say the Premier himself has been taking a keen interest in our project and has
been helping to push the process forward. The EPA Board met to consider our
project during January and we’ve been waiting since then for their
recommendation to be released. On our latest news, we expect their
recommendation to be out as soon as next week or certainly within the next
few weeks. Unfortunately it is a process that is largely out of our control, but
we certainly see the end is in sight.

corporatefile.com.au

What work have you been able to undertake on the Project whilst awaiting
these approvals? Has your broader development timetable changed as a result
of these delays?

CEO Garret Dixon

While there’s been some frustration with the delays we certainly haven’t been
idle while waiting for the approvals. We’ve been working very hard on the
procurement of all the major long lead items and I’m pleased to say that
process has now been completed with most orders placed. In addition to that,
we’ve been progressing with the front end engineering design of the
concentrator and that’s moving ahead on schedule. Some parts of that project
have been completed and some parts will shortly be heading into detail design
phase. We’ve also been using this time to further our negotiations on the
infrastructure required for the project including the transmission lines, the rail
developments and finalisation of our agreements at Geraldton Port.
The delay with FIRB and EPA approvals – and the subsequent delays to
getting on site to start construction – means we are now anticipating first
hematite production in the second half of 2010 and production from the
flagship magnetite phase in the first half of 2011.