Gindalbie-Angang iron ore JV signs agreement for use of Port of Geraldton

Monday, 23 August 2010 17:09:46 (GMT+2)

Australian Securities Exchange (ASX)-listed miner Gindalbie Metals Limited has announced that Karara Mining Limited, a joint venture company of Gindalbie and Chinese steelmaker Ansteel implementing the Karara iron ore project in Western Australia, has signed a memorandum of understanding (MOU) with Oakajee Port & Rail (OPR) for the use of the proposed new deepwater port at Port of Geraldton.

According to a Gindalbie Metals statement, the memorandum establishes the principles and a formal framework under which it can negotiate a supply chain agreement with OPR for the port and associated infrastructure development. The supply chain agreement will include details such as projected tonnage allocations, port charges and outline the process by which any future port capacity expansion could occur.

Gindalbie has recently commenced construction for Stage 1 of the Karara Project, which will comprise initial production of 10 million mt per year from mid-2011, with all Stage 1 iron ore production to be exported through the Port of Geraldton. Work is already underway on study to increase production to 14 million mt per year, the company said, with production planned to be increased to 30 million mt per year in the long run.

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