BC IRON’SCOMINGOFAGE
BC Iron has just completed its most successful financial year to
date since listing on the Australian Stock Exchange in December
2006.
Setting four key production and export guidance targets
within twelve months, and then delivering on all of them ahead
of schedule is the type of performance that is rarely experienced
by a $280 million market capitalised mining company.
BC Iron continues to focus its core efforts on developing the
Nullagine Iron Ore Joint Venture (NJV) in the Pilbara region of
Western Australia – a 50:50 joint venture established in 2009
with the world’s fourth largest iron ore producer, Fortescue
Metals Group. The NJV comprises BC Iron managing and
operating the Nullagine mine before transporting the ore from
the mine to Fortescue’s infrastructure at Christmas Creek,
approximately 50 kilometres south of the mine. From thereon,
Fortescue is contracted by BC Iron to rail the JV ore to Port
Hedland from where it is shipped directly to customers overseas.
FY2012 was a critical year for the NJV so we are extremely
proud to have hit and exceeded our four key production and
export milestones for the year. This achievement more than
confirms our strong relationship with Fortescue. It is a fantastic
accomplishment for the NJV as we now see the last five years
of hard work and determination finally come to fruition,” said
Managing Director Mike Young.
The NJV anticipates to export its nameplate capacity of
5
million tonnes (Mt) for FY2013 which will generate significant
cash flows for BC Iron, given low life of mine (LOM) cash
operating costs of between $45 and $50 per tonne excluding
royalties, marketing and administration costs.
The NJV currently hosts ore reserves of 41Mt grading
57.1%
Fe within a mineral resource of 108.7Mt grading
54.1%
Fe. The product known as ‘Bonnie Fines’ is a high quality,
direct shipping ore with low impurities, very low phosphorous
content and exceptional sintering qualities. These key features
have ensured that the product has rapidly achieved market
MIKE YOUNG
MANAGING DIRECTOR
BC IRON LTD
FY2012 was a critical
year for the Nullagine
Iron Ore Joint Venture
(
NJV), and we are
extremely proud to
have hit and exceeded
our four key production
and export milestones...
It is a fantastic
accomplishment for the
NJV as we now see the
last five years of hard
work and determination
finally come to fruition.
MINESITE 2012
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