Australasian Resources
Australasian Resources Limited, through its wholly owned subsidiary International Minerals Pty Ltd, plans to develop the world-class Balmoral South Iron Ore Project in the Pilbara region of Western Australia.
The Company has a strategic alliance with China’s 4th largest steelmaker, Shougang Corporation, and two associated entities have already committed A$56 million to the Company and can inject a further A$42 million through the exercise of 28 million options before 2010.
Australasian Resources receives government approval for Balmoral South Project
Thursday, March 11, 2010
Australian iron ore company Australasian Resources (ASX: ARH) has announced that the Western Australian Minister for Environment and Youth has approved the Balmoral South Iron Ore Project, and released amended Ministerial Conditions for the implementation of the Project (Ministerial Statement 827).
The Balmoral South Iron Ore Project (BSIOP) now has key environmental approval to mine up to 2 billion tonnes of magnetite iron ore at a rate of up to 80 Mtpa, and produce pellets and concentrate for export at a rate of up to 24 Mtpa over a projected 25 year mine life.
Australasian, through its 100% subsidiary International Minerals Pty Ltd, currently has contractual rights from the tenement holder, Mineralogy Pty Ltd, for the mining and processing of one billion tonnes of magnetite iron ore to produce 300 Mt of high quality product over a 25 (12 Mtpa) year period.
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