05/12/2008 - 13:29

Aquila seeks partners for port site

05/12/2008 - 13:29

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Como-based Aquila Resources says it is seeking potential co-developers for a port at Anketell Point, which has been selected as the preferred port site for the $4.1 billion West Pilbara iron ore project.

Aquila seeks partners for port site

Como-based Aquila Resources says it is seeking potential co-developers for a port at Anketell Point, which has been selected as the preferred port site for the $4.1 billion West Pilbara iron ore project.

The selection of the port, as recommended by the project manager, follows an exhaustive review of three port options undertaken in the prefeasibility assessment of the project, which included Cape Preston and Onslow.

Anketell Point is located directly west of Cape Lambert.

Aquila said the port recommendation now paves the way for a mine, rail and port development proposal to be lodged with the Environmental Protection Authority for necessary approvals.

However, the port selection is subject to joint venture approval.

The project is being developed by the Australian Premium Iron joint venture, of which Aquila holds a 50 per cent interest.

"Further, subject to joint venture approval, it will allow the project team to pursue options to identify potential co-developers or users of that port site, with the initial goal of minimising capital expenditure by sharing the development of the facilities," Aquila said.

"Failing that outcome, the joint venture could seek to maximize the volume of ore handled by the new port facilities to optimise the return on investment."

Aquila added a revision of capital and operating cost estimates and the development schedule of the project will be undertaken in the definitive feasibility study which is due for completion in mid 2009.

 

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