Cazaly Resources Ltd has lodged its second submission to the Western Australian Department of Industry and Resources in support of its application for the Shovelanna iron ore project, responding to Rio Tinto Ltd's opposition.
Cazaly Resources Ltd has lodged its second submission to the Western Australian Department of Industry and Resources in support of its application for the Shovelanna iron ore project, responding to Rio Tinto Ltd's opposition.
The full announcement is below:
CAZALY LODGES SECOND SUBMISSION FOR SHOVELANNA IRON ORE PROJECT
Cazaly Resources Ltd (ASX: CAZ) has lodged its second submission to the WA Department of Industry and Resources (DoIR) in support of its application for the Shovelanna Iron Ore Project (ELA 46/678).
The submission is in response to a request by Rio Tinto Limited (Rio) to the Minister for State Development, Mr Alan Carpenter MLA, to exercise his discretion under section 111A of the Mining Act of 1978 to refuse the application for ELA 46/678 on the grounds of public interest.
Cazaly had lodged an exploration license application for the tenement, located approximately 30 kilometres east of Newman, on 7 September 2005 after the exploration license, held by previous owners, Hamersley Resources Limited (a subsidiary of Rio Tinto), Wright Prospecting Pty Ltd and Hancock Prospecting Pty Ltd, expired on 26 August 2005.
The Company was then given a timeframe in which to lodge an initial submission with the DoIR in support of its application for Exploration License 46/678.
This was lodged on the 7th of November.
The Company has since reviewed Rio's first submission and has now responded with its second submission accordingly.
We have been advised that the DoIR will now collate all relevant information together with the submissions and forward this to the Minister for State Development for his consideration and determination (or direction).
The Company has not been given a formal time frame for a decision by the Minister.
Since applying for the ground, which was vacant at the time of application, the Company has; - Entered an agreement with Echelon Resources Limited (ASX: ECH) to provide technical assistance and fund the first A$2.5 million of exploration.
- Designed a 40,000 metre drilling programme.
- Finalised a scoping study.
- Signed a Letter of Intent for project financing with Investec Bank.
- Completed a resource estimate.
- Signed a MoU for the future sale of ore with BHP Billiton.
The Company has continued to do all that it can to ready itself for the expeditious exploration and development of the project once the tenement is granted.
The Company has now put it place the requisite financial and technical capabilities, and importantly has the will and commitment, to rapidly progress the development of the Shovelanna project.
