Mount Gibson Iron Limited (Mount Gibson) advised today that it has commenced development of its Iron Hill iron ore mine in Western Australia’s Mid-West region following receipt of final statutory approvals.
Iron Hill is located 3km south of the Company’s recently depleted Extension Hill open pit and this close proximity enables the utilisation of Extension Hill’s substantial existing workshops, processing facilities, camp and transport infrastructure, as well as the Extension Hill workforce comprising approximately 160 employees and contractors.
As a result, negligible capital is required to be spent, and first product sales are targeted to commence in May 2017.
Mount Gibson Chief Executive Officer Jim Beyer said: “We are very pleased to gain the final approvals required for Iron Hill, which are the successful culmination of a huge effort by our permitting team since the initial application was made over two years ago. Obtaining these approvals in a large part reflects our proven record of, and ongoing commitment to, responsible resources development in the state’s Mid-West and Kimberley regions. We now look forward to rapidly developing this attractive high value, low-capital production opportunity, thereby extending the life of our Mid-West business. It is also very pleasing to be able to deliver additional value for our shareholders while continuing to provide much needed economic activity in the Mid-West region by way of direct employment and the engagement of local business.”