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| Australian Gindalbie Metals To Secure Port Access Right |
| = To use storage, loading space at Geraldton port for Karara iron ore |
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Australian iron ore developer, Gindalbie Metals announced November 20 it has signed two MOUs with Geraldton Port authority (GPA) on behalf of the Karara Iron Ore joint venture participants for access to suitable storage and loading facilities at Berth 5 and Berth 7 at the Geraldton Port for the export of iron ore products from its Karara Iron Ore Project in Western Australia. The MOUs were signed in the presence of representatives of Gindalbie's joint venture partner, Anshan Iron & Steel Group Corporation (Ansteel), China's second largest steel producer. Under the terms of the MOUs, Gindalbie and the GPA are to work together to complete formal documentation for the lease of space at Berth 5 for the storage and shipment of up to 4 Mt/a of hematite ore, and for up to 8 Mt/a of magnetite ore at Berth 7. The parties will also complete documentation in respect to provision of Port Services by the GPA. The MOU in respect to Berth 5 also envisages Gindalbie providing a throughput guarantee of 1.5 Mt/a for a period of 10 years commencing from the time first delivery of hematite to the Port takes place. Any shortfall on the throughput guarantee will result in a payment of $2 per tonne of ore by Gindalbie to the GPA. No throughput guarantees are contemplated for Berth 7. |
| last modified : Tue 28 Nov, 2006 [10:53] |
