Iron Ore Prices Claim Another Mine Iron ore prices have claimed...

Iron Ore Prices Claim Another Mine

Iron ore prices have claimed another West Australian miner.

The Ridges iron ore mine situated in the Far North of WA has been placed on care and maintenance.
Kimberley Metals Group (KMG), owners of the mine, blamed the current iron ore prices, market conditions and exchange rates resulted in the decision.

While shipments from existing stockpiles are completed, processing operations will continue at the site during February.

Since it began operations in 2011, the site has shipped 6.2 million tonnes of high grade ore to China since.
KMG has completed the mining of the Ridges high-grade reserve. However, its other Matsu deposit only received mining tenements months ago.

KMG confirmed that it would continue to assess its options of developing the high-grade Matsu deposit and lower grade resources at the Ridges reserve.

Mon 09/02/15