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Mineralogy joins Austeel

PERTH-based Mineralogy Pty Ltd has entered into an agreement with Austeel Pty Ltd to provide access to 740 million tonnes of magnetite ore on attractive commercial terms.

The WA resource company holds mining leases over the Fortescue iron ore deposit, seventy kilometres south of Dampier.

The deposit hosts about four billion tonnes of magnetite ore, and the company has the right to mine about 740 million tonnes.

“There have been numerous proposals in WA for downstream processing of WA’s mineral resources, but none have had suitable financial or technical backing to ensure their success,” Mineralogy director Clive Mensink said.

“By contrast, Mineralogy has taken the responsible and realistic step of handing over the project to a consortium with the financial strength and technical expertise to ensure it proceeds.”

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