utah point

AXO briefly mentioned in article on page 59 in Saturday's West Australian newspaper.

PILBARA JUNIORS WELCOME START OF NEW ORE BERTH

Junior Pilbara miners hope to begin exports from Port Hedland's new multi user berth by the middle of next year after the start of construction of the $225 million Utah Point project yesterday.

A timetable for the multi user berth has not yet been finalised but the WA government has signalled it is targeting construction and commission by mid 2010.

At least one foundation customer, Atlas Iron, is counting on it to be completed by next month, when it plans to start shipping iron ore at an annual rate of 3 million tonnes. A further 15 million tonnes a year capacity will be available for other customers, including Aurox Resources and Consolidated Minerals.

On site yesterday for the first pile, Mines and Petroleum Minister, Norman Moore said the start of construction was a positive sign for WA's struggling resources sector.

"There is no denying that the current world financial crisis has had an effect on the mining and resource sector but there is still enough confidence in the industry that many companies are looking to expand their operations" he said.

Atlas chief, David Flanagan said the berth opened "a new era for Pilbara bulk commodity producers".

Confirmation that the project had received its long awaited final tick of approval came 18 months after the Carpenter government approved the developed at Finucane Island on the western side of the port.

The new berth is intended to counter congestion at Port Hedland and freee space for emerging producers.

Its $225 million price tage has been funded through $120 million in port borrowings and $105 million from foundation cutomers pre-paying charges, and capital contributions.