01/08/2013 - 15:52

Iron Valley wins mining approval

01/08/2013 - 15:52

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Iron Ore Holdings is a step closer to kicking off its Iron Valley joint venture with Mineral Resources in the central Pilbara, after receiving approval today from the Department of Mines and Petroleum.

IOH said today that it also received a water licence approval from the Department of Water for the proposed development.

Managing director Alwyn Vorster said the approvals were important steps to the company raising revenue through a mine gate payment structure.

IOH and MinRes announced in February they would develop the Iron Valley mine, with key temrs of the agreement not disclosed.

“With the Iron Valley project now advancing towards development, the next key focus for IOH will be securing Buckland project funding solutions with a selected project partner and finalising the Cape Preston East port lease agreements with the Dampier Port Authority,” Mr Vorster said in a statement.

At close of trade today, IOH shares were down 3.4 per cent at 71 cents, while Mineral Resources’ stock was up 0.84 per cent at $9.58.

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