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Shree Minerals completes third iron ore shipment from Nelson Bay River

Shree Minerals completes third iron ore shipment from Nelson Bay River

Shree Minerals (ASX:SHH) has shipped its third shipment of iron ore from its wholly-owned Nelson Bay River iron ore project, which is expected to add to its revenues for the June 2014 quarter.

The company had previously noted that receipts from the second shipment produced last quarter would be largely included in the current quarter’s cash flow report.

Shree is also continuing to adjust mine scheduling to deliver an efficient balance through the company’s ore supply chain.

Measures are also being targeted towards the objective of conserving resources during the current iron ore price cycle.

These measures include changes to certain parts of the production chain including mine development (waste stripping) and ore mining which are being suspended temporarily.

The company is also working with various stakeholders to optimise costs in its export chain & in the interim the scheduling of other parts of production chain are being adjusted as per business and operational needs.

NBR is located about 70 kilometres south-west of Smithton in north-west Tasmania and 7 kilometres north-east of the coastal town of Temma.

The company started mining in November 2013 the DSO South Pit, which has total Resources of 650,000 tonnes at 56.7% iron.

This hematite oxide cap is surrounded by lower grade ore considered to have potential to produce a commercial beneficiated oxide product.


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