Shares in Brockman Resources have climbed higher after it signed the final native title agreement covering its $1.35 billion Marillana iron ore project in the Pilbara.
Shares in Brockman Resources have climbed higher after it signed the final native title agreement covering its $1.35 billion Marillana iron ore project in the Pilbara.
Shares in Brockman Resources have climbed higher after it signed the final native title agreement covering its $1.35 billion Marillana iron ore project in the Pilbara.
The company now expects the final mining lease to be granted within eight weeks.
"I would like to take this opportunity to acknowledge and thank the Nyiyaparli people for the collaborative manner in which they approached our discussions," managing director Wayne Richards said.
"During the period of negotiation, both parties worked constructively to finalise an agreement which will create synergies associated with the future development and long-term operation of the Marillana Project.
"The agreement takes into consideration the Nyiyaparli people's interests with regard to the management of Cultural Heritage and Protection of the lands and environment at the Marillana Project, as well as providing education and training opportunities for the group.
"This is another very important milestone for Brockman following the successful completion of the Pre-Feasibility Study on the Marillana Project in August this year and commencement of the Definitive Feasibility Study in November 2009.
"The timely signing of this native title agreement maintains our overall timetable for the Marillana Project, with the Definitive Feasibility Study scheduled to be completed in Q3 2010 and the first production targeted for late 2012."
The pre-feasibility study estimated the project's capital cost to be between $705 million and $1.35 billion, depending on different logistical, development and ore transportation options.
The study was based on the production of 17 million tonnes of beneficiated iron ore fines each year over a minimum mine life of 20 years.
Shares in Brockman climbed 15 cents to a high of $2.10 before easing to $2.05 at 11:17 AEDT.