Fortescue Metals
Fortescue Metals is an ASX 50 company that has defined about 4.5 billion tonnes of Resources of Iron Ore, including 1.625 billion tonnes of Reserves already delineated from less than 10 per cent of its 69,000 square kilometres of Pilbara tenements,
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Fortescue Metals and BC Iron JV receive additional $15 million from Henghou Industries
A$96 million market-capped iron ore company BC Iron (ASX: BCI) reported today its Nullagine iron ore joint venture has received US$15 million, a second funding instalment from Henghou Industries of Hong Kong.
Nullagine is a joint venture between BC Iron 50% and Fortescue Metals (ASX: FMG). The payment is part of a US$50 million off-take, pre-sales agreement with Henghou.
Located in the world-class Pilbara region, Nullagine iron ore project is located 140km north of Newman - proximal to Fortescue Metals’ Chichester operation.
Total received to date by the joint venture partners is US$30M.
The funds will be applied towards project development activities, as Nullagine progresses toward production in the second half of 2010.
FMG will provide port and rail infrastructure access for the life of the mining operation.
Current Direct Shipping Ore Probable Reserve at Nullagine iron project is 36Mt @ 57% Iron (Fe). The total mineral resource at Nullagine is 89Mt @ 54.1% Fe.
Competitive advantage that BC Iron has is that the Nullagine DSO comprises an outcropping, low contaminant “first grade” sinter feed, which is sought after by steel producers.
Other Fortescue Metals news
- Fortescue jumps on news it may list in Shanghai
2009-05-12 - China sovereign fund in talks with Fortescue
2009-02-20
