Left page: Morning fog at Nullagine
Below: Sunset at Nullagine main crushing plant
When
Experience
Counts
mining
drill & blast
crushing & screening
civil works
materials handling
Your complete solution
to contracting
96
Ewing Street, Welshpool WA 6106
Telephone
08 9351 8488
Fax
08 9351 8477
www.maca.net.au
acceptance and remains highly valued by customers in China.
In May 2008, BC Iron delivered a presentation in which it
was stated that “Cash flow is the key to growth”. Ever since
the first positive drill results in May 2007, BC Iron’s board and
management have focused on delivering growth by generating
cash flows from the development of the NJV. With a cash position
of approximately $100 million, the BC Iron board is well placed
to determine future growth and focus on where the best returns
can be achieved for its shareholders.
Transitioning from a junior explorer to a 5Mt per annum
producer in just over five years represents the completion of
BC Iron’s first growth phase. The next phase of growth focuses
on growing the existing resource base and extending the
mine life by another three to five years at the NJV, exploring
other opportunities in the Pilbara and leveraging off strong
relationships with stakeholders, and developing strategic
relationships in other iron ore jurisdictions.
In August 2012, BC Iron announced it had established a 50:50
joint venture with Cleveland Mining to acquire and develop iron
ore projects in Brazil, which is in line with the company’s next
phase of development. Furthermore, BC Iron confirmed that it
had taken a 5% equity stake in Cleveland Mining reinforcing
its commitment to fast-track the development of potential iron
ore projects in Brazil. The majority of Cleveland’s board and
management team previously worked for Fortescue which
discovered and developed the Chichester project, and with whom
BC Iron has already forged strong relationships.
“
We are excited about our new strategic alliance with
Cleveland Mining as it allows us to enter a new country and
new market with key people, relationships and their intellectual
property in place. The nature and size of the transaction is
entirely consistent with our stated business development
strategy. Brazil has a vibrant iron ore industry with significant
growth characteristics including a domestic market,