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Grange close in

Grange Resources Ltd is understood to be close to securing a partner for the development of its billion dollar-plus Southdown magnetite and Malaysian iron ore pellet project, beginning in 2008. The Perth company has significantly lifted its Southdown resource, 90 kilometres north-east of Albany, to 458 million tonnes grading a high 37 per cent magnetite. A new drilling program later this month will be aimed at increasing the resource further to support a 6.6mt/year operation for a minimum 23 years. A bankable feasibility study is due before the end of this quarter and the company has confirmed a number of potential partners had signed confidentiality agreements to review the BFS work. Grange plans to mine the Southdown deposit at 17.8mt/year to produce 6.6mt/year of magnetite concentrate, grading 69 per cent iron.

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