I am on the Sino Projest at Cape Preston,they will be lucky to get it to the stock yard area in a couple of months.They have run up the ag crusher and ball mills have 800,000tons on the ROM pad waiting to go.But from the meetings i go to it will be quite a while yet. Everyone here calls it the SEE NO Iron Project!! (SINO IRON) 3 years behind and 6 billion over budget.
The only other Magnetite project i am aware of in OZ is at Savage River in Tas we have a guy on the other crew that worked there with Grange, smallish show from what i can gather.
From what i understand and am seeing it takes quite a while to go through the concentration/benefication process and to get up to full production, not as complex as Chemical refining or gold but huge volumes of material need to be processed to get a result.
So if they do get it going the tonnages are likely to be small compared to the larger DSO operartions of BHP FMG & RIO on start up with much more to come.
But having said that Magnetite is going to be big in W A at least. 2 more projects are going ahead, Balmoral South between here and Onslow, and i think there is another one going ahead at Cape Lambert north of Karratha by 2015 with Tony Sage's group. (Cape Lambert)
The Mid West is full of Magnetite and one day will be a very large mining hub and GBG is a conerstone miner so the future is very bright for GBG but it is still a way off in my opinion.
R&R
GBG Price at posting:
34.7¢ Sentiment: Hold Disclosure: Held
