Mount Gibson Iron Limited has commenced development of its Iron Hill mine in Western Australia’s Mid-West region following receipt of final statutory approvals.
Based on the development schedule, the Company expects Iron Hill to contribute product sales of approximately 0.4-0.5 Mwmt in 2017, with total life-of-mine product sales of 5.5-6.0 Mwmt expected from the mine through to late 2018 when production is expected to be complete.
Mount Gibson CEO Jim Beyer said the mine’s close proximity to the recently depleted Extension Hill open pit enables the utilisation of Extension Hill’s infrastructure and its 160-strong workforce, significantly reducing the capital required to develop the project.
“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,” he said.
“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.”