Ferrowest partners ask for more time
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Off-take and investment agreements over Ferrowest's Yalgoo iron ore project in the Mid West region have been delayed.
In a brief statement today, Ferrowest said it had expected to complete the deals by early December, however the parties involved with the agreements have requested for an extension.
It is understood that the Ferrowest is dealing with two foreign entities.
Ferrowest said it will update the market in due course.
The iron ore hopeful is aiming to start construction in the third quarter of 2010 with commissioning to start in early 2012.
Initial production rate has been pegged at 1 million tonnes per annum.
In October, the company said the key terms agreed in principle are that the investors will have the right to enter into a 50:50 joint venture with Ferrowest for the development and operation of Yalgoo, and will advance $12.5 million to complete the definitive engineering study.