Australasian Resources has been given the final environmental go-ahead for its $2.7 billion Balmoral South iron ore project, which has yet to secure financiers.
Environment Minister Donn Faragher today approved the project, which will mine up to 2 billion tonnes of magnetite iron ore at a rate of up to 80 million tonnes a year.
The project will produce pellets and concentrate for export at a rate of up to 24mtpa over a 25-year mine life.
The company is still in talks with a number of parties over financing of the project.
Australasian, through its wholly-owned subsidiary, International Minerals, has contractual rights from the tenement holder, Mineralogy for the mining and processing of one billion tonnes of magnetite iron ore.
Full announcement below:
Balmoral South Iron Ore Project Receives Final State Government Environmental Approval
Highlight
- Minister for Environment and Youth approves Balmoral South Iron Ore Project
Australian iron ore company Australasian Resources Ltd (Australasian or ASX: ARH) is pleased to announce that the Western Australian Minister for Environment and Youth has approved the Balmoral South Iron Ore Project, and released amended Ministerial Conditions for the implementation of the Project (Ministerial Statement 827).
The Balmoral South Iron Ore Project (BSIOP) now has key environmental approval to mine up to 2 billion tonnes of magnetite iron ore at a rate of up to 80 Mtpa, and produce pellets and concentrate for export at a rate of up to 24 Mtpa over a projected 25 year mine life.
Australasian through its 100% subsidiary, International Minerals Pty Ltd currently has contractual rights from the tenement holder, Mineralogy Pty Ltd for the mining and processing of one billion tonnes of magnetite iron ore to produce 300 Mt of high quality product over a 25 (12 Mtpa) year period.
Australasian wishes to acknowledge the support provided by the Project Proponent, Mineralogy Pty Ltd, the Western Australian Government, the Minister for Environment, the Environmental Protection Authority and the many professional consultants for their assistance in the development and finalisation of these key milestone approvals.
