6 July 2009 Print this article Comments Share this article
Australian iron ore Company BC Iron is set to transition to production following the successful completion of the Feasibility Study on the Company’s Nullagine Iron Ore Project, located in Western Australia’s Pilbara region.
According to the company, the Study has confirmed that the Nullagine Project is an economically and technically robust Direct Shipping Ore (DSO) project, which will produce at an initial rate of 1.5 Mtpa then ramp up to 3 Mtpa then 5 Mtpa as roads and infrastructure are upgraded.
Following a review of the Feasibility Study, BC Iron’s Board has made the formal decision to move forward with development of the Nullagine Project, subject to acceptance of the Study by FMG and appropriate project finance being secured.
Based on these final set of requirements, first production is targeted for the second quarter of 2010.
BCI Managing Director Mike Young said the formal decision to develop and mine at Nullagine represented an outstanding achievement for the Company, coming less than three years after BC Iron listed on the ASX.
“In a very short space of time we have defined a premium high-quality iron ore resource, completed a Scoping Study, secured an off-take agreement, formalised an infrastructure agreement with FMG and now completed a Feasibility Study,” Young said.
FMG Price at posting:
$3.42 Sentiment: Buy Disclosure: Not Held
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