Australia-based iron ore company Centaurus Metals Limited has announced that it has revised the development plan for its Jambreiro iron ore project in Brazil, with a new plan for initial production of 1 million mt per year. The company will eventually increase the capacity to 2-3 million mt per year.
According to Centaurus, this revised development strategy will result in a 61 percent reduction in pre-production capital to $53 million, enabling Centaurus to commence development with significantly less financing risk and in the shortest possible timeframe to take advantage of continued strong iron ore prices. Centaurus said that the development on the iron ore project will now begin in April 2014, with the first production expected in the first quarter of 2015.
Centaurus also said that no further environmental approvals will be required as the project is already approved for a three million mt per year production rate.