Koolan Island Comes Back to Life with Iron Ore Shipment

Koolan Island Comes Back to Life with Iron Ore Shipment

After two years of redevelopment and refurbishment work, Mount Gibson Iron has resumed iron ore sales from its Koolan Island operation.

After two years of redevelopment and refurbishment work, Mount Gibson Iron (ASX:MGX,OTC Pink:MTGRF) has resumed sales of iron ore from its Koolan Island operation in Western Australia’s Kimberley region.

A cargo ship loaded with about 72,000 wet metric tonnes of high-grade hematite iron ore, which averages 65 percent iron, was due to depart for customers in China on Wednesday (April 24).

“It is very satisfying to bring the unique high-grade Koolan Island mine back into production after more than two years of dedicated effort by the Mount Gibson team. We also greatly appreciate the ongoing support from the Dambimangari community in achieving this milestone,” Mount Gibson CEO Peter Kerr said in a statement.

“The high grade and quality of Koolan Island’s direct-shipping hematite iron ore products means that they are well suited to China’s increasing focus on steel manufacturing productivity and environmental impacts, and will provide Mount Gibson with a solid platform from which to generate value well into the next decade,” he continued.

The company paused all operations at the asset when a seawall fell apart in late 2014, causing Koolan Island’s main pit to become flooded. After subsequent years of extensive technical evaluation, Mount Gibson’s board greenlit the project’s redevelopment and production restart in April 2017.

The feasibility study that led to the restart decision indicated an initial main deposit ore reserve of 12.8 million tonnes (Mt) grading 66 percent iron, with a mine life of 3.5 years. Last April, the company released a statement upgrading these numbers to 21 Mt at 65.5 percent iron with a mine life of five years.

The planned reconstruction efforts were docketed to cost $97 million; the company had also anticipated first ore sales to begin in early 2019, a goal that it reached.

Work at Koolan Island over the last two years has included the construction of a new seawall, which the company said contains an impermeable seepage barrier, along with pit dewatering, footwall rehabilitation, pre-production waste mining and general site infrastructure refurbishment.

Mount Gibson’s share price closed 4.5 percent higher on the ASX at the end of trading on Wednesday (April 24), ending the day at AU$1.16.

Iron ore prices were down 0.37 percent as of 4:55 a.m. EDT on Wednesday, hitting US$92.95 per tonne.

Don’t forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.

Hastings Technology Metals Ltd Stand-out Simon’s Find Metallurgical Test Results Amended

Perth, Australia (ABN Newswire) – Australia’s next rare earths producer Hastings Technology Metals Ltd (ASX:HAS) (5AM.F) is pleased to announce stand-out results from metallurgical test work carried out on drilling samples from Simon’s Find, one of the key deposits that make up the Yangibana Rare Earths Project (Yangibana) in Western Australia’s Gascoyne region.

The test work carried out at Simon’s Find is a key milestone in the Company’s finalisation of its updated Ore Reserves and mine scheduling that will underpin Yangibana’s development.

The Simon’s Find deposit is part of the 8km-long Bald Hill – Simon’s Find – Frasers mineralised trend and is strategically located close to the site of Yangibana’s proposed process plant and infrastructure.

Keep reading... Show less

Rio Tinto and ARENA to study using hydrogen to reduce carbon emissions in alumina refining

Rio Tinto has partnered with the Australian Renewable Energy Agency (ARENA) to study whether hydrogen can replace natural gas in alumina refineries to reduce emissions.

Rio Tinto will conduct a $1.2 million feasibility study, equally funded with ARENA through a $580,000 grant, into using clean hydrogen to replace natural gas in the calcination process of refining at the Yarwun aumina refinery in Gladstone.

Keep reading... Show less

ASX Rare Earths Stocks

Rare earths are a group of commodities that Australia has done well to corner the market on, not because of a monopoly on resources (indeed Australia only accounts for 3 percent of global reserves), but because it was ahead of the curve when it comes to investment.

The story of rare earths in Australia — the modern success story at least — has its roots in a 2010 trade dispute between Japan and China, when China throttled exports of rare earths to Japan as retribution for a fisheries clash.

Long story short, Japan found itself looking to diversify its rare earths import partners. Up until then it had been beholden to the whims of its larger neighbour, which at the time accounted for over 93 percent of rare earths output.

Keep reading... Show less

Hastings Technology Metals Ltd Stand-Out Simon’s Find Metallurgical Test Results

Perth, Australia (ABN Newswire) – Australia's next rare earths producer Hastings Technology Metals Ltd (ASX:HAS) is pleased to announce stand-out results from metallurgical test work carried out on drilling samples from Simon's Find, one of the key deposits that make up the Yangibana Rare Earths Project (Yangibana) in Western Australia's Gascoyne region.

The test work carried out at Simon's Find is a key milestone in the Company's finalisation of its updated Ore Reserves and mine scheduling that will underpin Yangibana's development.

Keep reading... Show less

Australia’s 5 Most Valuable Mineral Exports

Australia’s economy is largely based on its natural resources, with the minerals sector making the greatest contribution to the nation’s exports.

Four of Australia’s states and territories rank in the top 20 mining jurisdictions in the world, according to the Fraser Institute’s latest annual survey of mining companies: Western Australia (fourth), Southern Australia (seventh), Queensland (16th) and the Northern Territory (19th).

These mining jurisdictions demonstrate a high level of investment attractiveness mainly due to their mineral-rich geology, solid infrastructure, stellar economic environment and government support for the resources industry at both the federal and state level.

Keep reading... Show less

Hastings Technology Metals Ltd Stand-out Simon’s Find Metallurgical Test Results Amended

Perth, Australia (ABN Newswire) – Australia’s next rare earths producer Hastings Technology Metals Ltd (ASX:HAS) (5AM.F) is pleased to announce stand-out results from metallurgical test work carried out on drilling samples from Simon’s Find, one of the key deposits that make up the Yangibana Rare Earths Project (Yangibana) in Western Australia’s Gascoyne region.

The test work carried out at Simon’s Find is a key milestone in the Company’s finalisation of its updated Ore Reserves and mine scheduling that will underpin Yangibana’s development.

The Simon’s Find deposit is part of the 8km-long Bald Hill – Simon’s Find – Frasers mineralised trend and is strategically located close to the site of Yangibana’s proposed process plant and infrastructure.

Keep reading... Show less

Rio Tinto and ARENA to study using hydrogen to reduce carbon emissions in alumina refining

Rio Tinto has partnered with the Australian Renewable Energy Agency (ARENA) to study whether hydrogen can replace natural gas in alumina refineries to reduce emissions.

Rio Tinto will conduct a $1.2 million feasibility study, equally funded with ARENA through a $580,000 grant, into using clean hydrogen to replace natural gas in the calcination process of refining at the Yarwun aumina refinery in Gladstone.

Keep reading... Show less

Hastings Technology Metals Ltd Stand-Out Simon’s Find Metallurgical Test Results

Perth, Australia (ABN Newswire) – Australia's next rare earths producer Hastings Technology Metals Ltd (ASX:HAS) is pleased to announce stand-out results from metallurgical test work carried out on drilling samples from Simon's Find, one of the key deposits that make up the Yangibana Rare Earths Project (Yangibana) in Western Australia's Gascoyne region.

The test work carried out at Simon's Find is a key milestone in the Company's finalisation of its updated Ore Reserves and mine scheduling that will underpin Yangibana's development.

Keep reading... Show less

Australia’s 5 Most Valuable Mineral Exports

Australia’s economy is largely based on its natural resources, with the minerals sector making the greatest contribution to the nation’s exports.

Four of Australia’s states and territories rank in the top 20 mining jurisdictions in the world, according to the Fraser Institute’s latest annual survey of mining companies: Western Australia (fourth), Southern Australia (seventh), Queensland (16th) and the Northern Territory (19th).

These mining jurisdictions demonstrate a high level of investment attractiveness mainly due to their mineral-rich geology, solid infrastructure, stellar economic environment and government support for the resources industry at both the federal and state level.

Keep reading... Show less

Newcrest Mining Limited – Exploration Update 10 June 2021

Highlights

  • At Red Chris, drilling continues to expand the higher grade mineralisation intersected at East Ridge and in the Main Zone:
    • At East Ridge, the new discovery adjacent to the East Zone, drilling continues to expand the footprint of the higher grade mineralisation with RC688 returning 344m @ 0.70g/t Au & 0.75% Cu from 776m, incl. 170m @ 1.1g/t Au & 1.1% Cu from 892m. This hole is 100m east of the discovery hole RC678 (previously reported).
    • East Ridge is located 300m east of East Zone and outside of Newcrest's Red Chris Mineral Resource Estimate. Drilling to define the extent of the higher grade mineralisation is ongoing.
    • In the Main Zone, drilling has intersected high grade mineralisation with RC683 returning 300m @ 0.41g/t Au & 0.51% Cu from 260m, incl. 114m @ 0.67g/t Au & 0.85% Cu from 390m, incl. 22m @ 1.1g/t Au & 1.4% Cu from 464m. This hole is 100m east of RC679 (previously reported).
    • Main Zone has the potential for further higher grade mineralisation beneath and to the south west of the open pit.
Keep reading... Show less

Scoping Update Highlights the Exceptional Economics and Industry-Leading Sustainability of Piedmont’s Carolina Lithium Project

Piedmont Lithium Inc., (“Piedmont" or the “Company") (NASDAQ: PLL; ASX: PLL) is pleased to report the results of the updated scoping study (“Scoping Study" or “Study") for its proposed integrated lithium hydroxide business (“Carolina Lithium" or the “Project") in Gaston County, North Carolina. The Study confirms that Carolina Lithium will be one of the world's largest and lowest-cost producers of lithium hydroxide, with a sustainability footprint that is superior to incumbent producers, all in an ideal location to supply the rapidly growing electric vehicle supply chain in the United States.

Keep reading... Show less

Top News

Related News