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Heron, FMG progress

HERON Resources and Fortescue Metals Group have announced major progress on their respective nickel and iron ore projects.Heron and Canadian nickel producer Inco Resources have finalised their joint venture agreement to develop the $1.8 billion Kalgoorlie Nickel Project. Inco will fund all feasibility study costs and will be responsible for 100 per cent of the debt finance and 95.5 per cent of the equity funding.FMG announced that it would proceed with its Pilbara iron ore project after a feasibility study by WorleyParsons concluded it would cost $1.95 billion, inclusive of port, rail and mine handling infrastructure but not the mine fleet or pre-strip costs.

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