July 08, 2011

Amex secures port capacity for Ba magnetite mining

Well isn't this just marvellous.

While the resource owners of the proposed magnetite mining site are still "in consultations", the mining company has forged ahead with securing access to the ports.

It is crystal clear therefore that the "Amex Resources" company is cocksure that they are in business, with or without the landowners approval and is symptomatic of how mining interests work, if similar scenarios in Aotearoa are anything to go by:

Amex secures port capacity for Fiji iron project
By: Esmarie Swanepoel
8th July 2011
Updated 30 minutes ago

PERTH (miningweekly.com) − Iron-ore developer Amex Resources has secured port capacity at the Lautoka for 45 years, following the successful completion of its prefeasibility study at the Mba Delta iron-sands project, in Fiji.

MD Matthew Collard said in a statement on Friday that the port facility was an integral part of the project, adding that the company would start construction as soon as possible.
The port facility site would have stockpile and export facilities for the magnetite concentrate produced at the Mba Delta project, including a berth. A barge unloading facility, washing plant, stockpile area, ship loading facilities, as well as workshops and offices would also be constructed.

Collard said that starting the long-term lease agreement several months early, allowed Amex to continue an aggressive development timetable, with production scheduled to start in the last quarter of 2012.

The recently completed Mba Delta feasibility study concluded that that a $60-million capital investment could support a 20-year operation, based on a 220-million ton indicated resource.

The study confirmed the project to be technically and financially viable, with a net present value of $454-million, low capital and operating costs, and with the advantage of secured infrastructure and port capacity.

Around 11-million tons of ore would be mined each year, to produce some 750 000 t/y of product, grading 58% iron, at an estimated operating cost of $28.06/t of product.

Under Fiji's current Mining Act, the completion of the prefeasibility study allowed Amex to submit a mining lease application and gain approvals for a planned mining operation.
Amex has previously said that the mining lease application would be submitted in the near future.

Meanwhile, the bankable feasibility study would be undertaken, and would likely be completed by the end of October, with production targeted for the end of 2012.

Edited by: Mariaan Webb

1 comment:

Anonymous said...

They stopping sand mining in environmentally vulnerable areas such as deltas and river mouths in Australia. The area will never recover. The Qoliqoli Bill was stopped to benefit big companies and govt. Native qoliqoli users will be left out. Of course Frank and Khaiyum already got their commission.