Australia-based iron ore miner Mount Gibson Iron Limited (Mount Gibson) has announced that Western Australia’s Minister for the Environment has given approval for its proposed development of the Iron Hill iron ore mine in the state’s Mid West region. Upon receipt of final regulatory approvals, Mount Gibson intends to proceed to development at Iron Hill as soon as possible in order to commence production in the first half of 2017.
According to Mount Gibson, Iron Hill represents a low-capital cost production extension opportunity for its Mid West business. Development capital costs are expected to total A$2-3 million. Iron Hill has a total resource of 8.8 million mt grading 58.3 percent iron content. The company expects full year iron ore sales of 2.8-3.1 million mt in the 2016-17 financial year.