Grange looks for partners

Perth mineral explorer Grange Resources Ltd has launched an international tender process for joint venture partners for its A$1.7 billion iron ore pellet project. The project includes the Southdown iron ore mine north of Albany and the Kemaman pellet plant in Malaysia. In February WA Business News reported China’s second-largest iron ore trader, Sinosteel, wanted a major stake in the project. The news followed a big cost revision for the project, which blew out from about $1 billion to more than $1.5 billion. At the time, Grange said the price hike was “consistent with cost increases throughout the resources sector” and was identified during a bankable feasibility study, due for completion by the end of the month.

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