Its great to hear from you and good to see you holding. I certainly miss your shipping updates.
BHP blew the seawall when they were finished with Koolan. And yes, main pit soon became occupied with marine life that MGX had to relocate before restoring the sea wall.
The situation of the pit at nearby Cockatoo Island however did not lend itself to the same stradegy as the seawall on Cockatoo was poorly built. The cockatoo wall was so permeable that it was costing the previous owners $1.5 million per month to keep pumping water out. In the end they did not have to blow the walk but just turn off the pumps. The Dambimangari first nations people have been complaining to the government that urgent remedial work is necessary as sediment is leaking into the ocean destroying marine habitat. The Dambimangari are pressing to declare much of the Buccaneer arpelego a national marine park, which would fit with the Dambimangari plan to operate Koolan as a tourist destination, as there are many dolphins and whales in the area as well as great barramundi fishing.
Last year CIM (Cockatoo Island mine) signed an agreement with the Dambimangari to restart mining on Cockatoo Island.
CIM is privately Chinese owned and they are keen to restart cockatoo. It is estimated to take 18 months to pump the water from the flooded pit.
There are also very large deposits of high fe with low silica and low phosphorus deposits of iron ore on nearby Bathurst and Sturt Islands that CIM currently hold the lease for.
When mining started at Yampi Sound, just over 100 years ago, the going price for IO was ten schillings 10/- ($1) per ton, and our main export customer was not China, but Japan, but that trade with Japan stopped at the bequest of Australian trade unions around 1937 when Japan ruthlessly invaded China. It was a big story at the time because the Australian federal government wanted to continue to trade with Japan, but the unions stood their ground, saying no way are we supplying Japan with iron for the Japanese to turn into munitions to turn around and use on us.
MGX Price at posting:
28.0¢ Sentiment: Buy Disclosure: Held
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