Aquila Says W Pilbara Iron Ore Resource Increases To 1.22 Billion Tons
09 Septembre 2011 - 6:18AM
Dow Jones News
Resources in Aquila Resources Ltd.'s (AQA.AU) 50%-owned West
Pilbara Iron Project are 32% higher than previously reported, the
company said Friday, increasing the total resource to 1.22 billion
metric tons of iron ore.
In an updated resource statement, the company said it had added
296 million tons to the previous reported resource, with the
average grade of the new resources at 56% iron.
Benchmark iron ore futures on the Chicago Mercantile Exchange
grade 62%, but the figure for the new resource is only marginally
below the 56.6% grade in the previously reported resource.
Aquila hopes to start exporting 30 million metric tons a year
from the project from 2014, with costs of nearly A$6 billion to
develop the mine, rail and port project shared 50-50 with its joint
venture partner Baoshan Iron & Steel Co. (600019.SH), or
Baosteel.
The company recently received conditional environmental
approvals for the mine, rail and planned port at Anketell Point,
close to Rio Tinto PLC's (RIO) Dampier and Cape Lambert iron ore
ports.
The Pilbara accounts for around 40% of all iron ore traded by
sea, but the difficulty of building infrastructure means the trade
is currently dominated by Rio Tinto, BHP Billiton Ltd. (BHP) and
Fortescue Metals Group Ltd. (FMG.AU).
-By David Fickling, Dow Jones Newswires; +61 2 8272 4689;
david.fickling@dowjones.com
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