"Grange Resources is looking to dust off its mothballed Southdown magnetite project near Albany.
The Chinese-controlled company is using PCF Capital to test the market for the long-stalled project in the hope that a cashed-up “strategic investor(s)” sees value given the steep premiums being paid for high-grade iron ore in China.
Southdown was originally designed to produce up to 10Mt a year of magnetite concentrate as a 69.5 per cent iron pellet feed over a 30-year mine life.
While the original plan for Southdown came with a massive $2.9 billion price tag, Grange has suggested a more modest 5Mtpa operation could be achieved for $1.4 billion.
It spent $170 million on developing Southdown before the project was shelved in 2012 because of a plunging iron ore price and steep development cost.
Grange is marketing Southdown as having most of its regulatory and environmental approvals already in place.
Grange chief executive Honglin Zhao said Southdown’s concentrate product would be one of the highest-grade seaborne iron ore in the world at almost 70 per cent iron content.
Grange owns 70 per cent in 1.2 billion tonne project with Japan’s Sojitz Corporation and Kobe Steel jointly holding the balance through SRT Australia.
WestBusiness understands the companies are willing to lower their combined 100 per cent stake to 30 per cent."
[Extract from thewest.com.au]
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