Australian iron ore company Brockman Resources Limited's managing director Wayne Richards announced on July 20 in an interwiev that he gave to openbriefing.com that all the native title work is completed for the mine and the public environmental review has been signed off by the state government in the Marillana Iron Ore Project currently under development in the Pilbara region of Western Australia.
Wayne Richards also mentioned that the company will update capital cost reflective of Q3 costings for the project which was expected to cost around $2 billion, in late August or early September. Brockman is considering for the moment the funding options which should be completed by the second quarter next year. "If we decide to go for a traditional combination of equity and debt, we'll be looking to Wah Nam in Hong Kong, and its connections into the Asian financing markets and experience as corporate bankers, to support us," Richards said. Wah Nam has been an investor in Brockman for the last three years and it has two directors on Brockman's board.
The Marillana project will produce a premium grade product of 61 percent iron as well as hematite. Project is forecast to produce 18.5 to 20 million mt of iron ore per year. That is equivalent to more than A$2.7 billion per year in revenue.