Australian miner IMX Resources Limited (IMX) reported on June 4 that it has successfully achieved the first blast of ore at the Cairn Hill phase one magnetite/copper/gold project in South Australia.
This first blast comprises approximately 40,000 mt of ore and finalization of the remaining site infrastructure continues on schedule. The project is expected to export about 1.7 million metric tons of ore a year via Port Adelaide when it is completed. The mine currently has inferred and indicated resources of 11.4 million metric tons, at 49.5 percent iron, 0.4 percent copper and 0.1 percent gold.
Managing director Duncan McBain said, "The first blast of ore marks another important
milestone in the development of the Cairn Hill mining operation and we are very pleased
with the progress that has been made to bring the mine into production".
As SteelOrbis previously reported, Taifeng Yuanchuang International Development Co Ltd, a subsidiary of China's Sichuan Province-based privately-owned real estate developer Sichuan Taifeng Group, agreed to spend a minimum of AU$24.1 million on IMX shares at a price of 48.4 cents per share for a 19.9 percent stake in IMX Resources in January.
According to the deal, Taifeng also contributed about AU$23 million to become a 50 percent equity partner in IMX's Cairn Hill Phase 1 iron ore, copper and gold project in South Australia and in other developments in this area. Sichuan Taifeng has also committed to assist IMX with debt funding for the mine's phase-two development.