Australian iron ore miner IMX Resources Ltd has announced that the Cairn Hill iron ore mine's phase 1 life of mine sales contract has been novated to Chinese investment group Sichuan Taifeng Group on the same terms and conditions as the original sales contract.
The Phase 1 life of mine sales contract has been novated from Chinese steelmaker Jilin Tonghua Iron & Steel Group to Sichuan Taifeng Group as a consequence of Sichuan Taifeng Group becoming the majority shareholder in the processing plant at Bayuquan in China's Liaoning Province and becoming a 49 percent partner in the Cairn Hill Phase 1 and 2 projects.
IMX managing director Duncan McBain said, "This novation brings the sales contract into line with the changes to the ownership structure of the processing plant in China, which is the life of mine customer for the Cairn Hill Phase 1."
The first shipment of 68,053 mt of Cairn Hill iron/copper ore that departed from Port Adelaide, Australia on December 19 is now expected to arrive in Yingkou in Liaoning Province in on January 9.
The mine, located near Coober Pedy, South Australia, 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.