Eastern Iron Limited (ASX: EFE) – $0.033 (+10%)
17 Nov 2014
Eastern Iron has received a scoping level report from independent shipping consultants Innovative Shipping Group PL that investigated the potential to load iron concentrate directly to suitable bulk carrying vessels off the east Victorian coast approximately 20km from the Nowa Nowa Iron Project (Figure 1).
It is proposed that beneficiated iron ore would be delivered from the mine either by truck or slurry pipeline close to the coast. The iron ore would be stockpiled and during ship loading, mixed with water at a specified solid to water ratio, loaded into a slurry line and pumped offshore directly onto +100,000 tonne vessels.
Innovative Shipping Group’s report estimates operating costs for mine gate to ship at $15.00 per tonne of product. The feasibility study estimates total mine site costs of $26.10 per tonne ore and Free on Board costs of $41.10 per tonne of ore. Capital costs are estimated at $16.0m for a total project capital cost of $49.6m.
Figure 1. Location of the Nowa Nowa Iron Project
For further information, visit www.easterniron.com.au
Resources Stocks to Watch (RSTW) is the leader in research on ASX micro to mid-cap mining stocks and commodities. We are independent and therefore not sponsored by the mining industry so we tell it like it is. Our research is written by experienced geologists and resources analysts, the experts in the field.