BC Iron says its Nullagine iron ore joint venture development remains on target, a day after its joint venture partner Fortescue Metals Group announced it would put two of its key Western Australian iron ore projects on hold.
The Perth-based iron ore play said FMG’s decision to “shelve” its Solomon and Western Hub expansion projects in light of the Federal Government’s resource super-profits tax had no effect on the development plans at Nullagine as ore mined from this project would be transported through FMG’s Chichester operation.
“The company is aware of uncertainty created by the recent announcement of a proposed resource super-profits tax, however, it can confirm that its development timetable remains unchanged and on track despite the proposed resource super-profits tax,” BC Iron said.
BC Iron is targeting start of mining at Nullagine later this year and first ore on ship during December.
At a production rate of 3 million tonnes per annum, the partners plan for shipments of 1Mtpa by June 30 next year.
BC Iron added the proposed tax would have a negative impact on the resources industry and the company’s plans for additional project development in Australia.
Last month, the JV partners were formally granted the mining lease for Nullagine by the WA Department of Mines and Petroleum.
The project comprises a probable reserve of direct shipping ore of 36Mt grading 57% iron with total resources of 89Mt at 54.1% iron.
Shares in BC Iron were trading unchanged at $1.63, while FMG shares were at $3.87.
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