BC Iron has hit a milestone in the ramp up of its Nullagine iron ore joint venture with Fortescue Metals Group, with the mine achieving its targeted production rate of 5 million tonnes per year.
Today’s announcement is the third target hit by BC Iron this financial year.
The company’s next target, total exports of 3.5 million tonnes by the end of June, is also on track for completion, it said.
“This achievement more than confirms our strong relationship with Fortescue,” BC Iron managing director Mike Young said.
“It is a fantastic accomplishment for the NJV as the 5mtpa rate has been one of our key production targets over the past couple of years.
“This achievement has involved a significant contribution from our key contractors, namely Watpac, Toll Resources and Precision Catering.”
Mr Young said the company was still experiencing strong demand for iron ore fines from Nullagine, and was exporting to schedule, despite widespread reports of softening demand for the steel-making ingredient.
At close of trade today, BC stocks were up 0.4 per cent, trading at $2.48.
