Moly Mines has jumped the final logistical hurdle for its $9.4 million Spinifex Ridge iron ore project in the Pilbara after securing port space at the new Utah Point facility in Port Hedland.
Moly Mines has jumped the final logistical hurdle for its $9.4 million Spinifex Ridge iron ore project in the Pilbara after securing port space at the new Utah Point facility in Port Hedland.
The West Perth-based company today also released results from its prefeasibility study of the small scale iron ore project, which is expected to provide early cash flow while work continues on the flagship molybdenum project, also located in the same area.
Capital cost for the project, which will have an initial throughput rate of 1 million tonnes each year, is estimated at $9.4 million. The project's mine life is around five years and operating costs have been pegged at $45.7 per tonne.
A further $2.4 million will be paid to the Port Hedland Port Authority as pre-payment to reserve stockpiling and shipping capacity at the Utah Point facility.
The facility is currently under construction and is expected to be complete during the second quarter of 2010.
Moly said today that it has been allocated an initial 0.8mt of iron ore capacity at Utah Point for 20 months, starting in July 2010.
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