Australian iron ore companies BC Iron Limited and Fortescue Metals Group Limited ("FMG") have formally entered into the Nullagine Joint Venture for the development of the Nullagine Iron Ore located in the Pilbara, Western Australia, the two companies announced August 24.
According to the Feasibility Study on the Nullagine Project recently completed by BC Iron, it is an economically and technically robust Direct Shipping Ore ("DSO") project based on a Probable Ore Reserve of 36 million tonnes (Mt) at 56.9% Fe. The Project will be in production at an initial rate of 1.5 Mt/a, subsequently ramping up to 3 Mt/a, and then 5.0 Mt/a according as infrastructure is upgraded. Initial production is scheduled to take place in the first half of 2010. |
