Ginadalbie Metals shares have jumped by more than 10 per cent after the Perth-based miner officially opened its dedicated port terminal for the Karara iron ore project in Geraldton this morning.
Transoprt Minister Troy Buswell was on hand for the opening of the $200 million facility, from which Gindalbie will ship haematite and magnetite iron ore from the Karara mine, 220 kiolmetres east of Geraldton.
At 1:00PM, WST, Gindalbie shares were up 10.45 per cent, trading at 37 cents.
Mr Buswell said the milestone laid the foundation for further development of the Mid West as an iron ore province.
“The company has made an important investment in the future of the region, and of WA,” Mr Buswell said.
“The project has generated more than 1,500 construction jobs and will create 500 operational positions, as well as indirectly employing 300 people in the Mid West.”
The Karara export terminal is capable of handling up to 16 million tonnes per year of magnetite concentrate or hematite direct shipping ore exports from a dedicated berth.
“This is a sophisticated iron ore terminal which has a number of significant advantages and which includes the only rotary car dumper currently in the port,” Gindalbie managing director Tim Netscher said.
“These facilities reflect an investment of more than $200 million in the Port of Geraldton by the Karara project.
“Combined with our investment in the new 85km spur line connecting the Karara project to the existing Mid-West rail network, the new 330kv power line servicing the project and the new water pipeline, we have invested over $1 billion in infrastructure development and enhancement in the region.”