VIENTO GROUP LTD ASX RELEASE 23 APRIL 2015
NJV WARRIGAL HUB CONTRACT UPDATE
BC Iron Limited (ASX: BCI) ("BC Iron" or the "Company") notes today's announcement by Viento Group
Limited ("Viento") that it has entered voluntary administration.
A subsidiary of Viento was recently awarded a two year, 2Mtpa mining, crushing and screening contract for the Warrigal hub at the Nullagine Joint Venture ("NJV"), a 75:25 joint venture between BC Iron and Fortescue Metals Group Limited. Viento has commenced mining and is currently mobilising crushing and screening equipment to site.
BC Iron will continue to monitor the situation and advise the market accordingly. However, the Company doesn't currently anticipate this development will materially impact operations.
ABOUT BC IRON LIMITED
BC Iron is an iron ore mining and development company with key assets in the Pilbara region of Western Australia, including the Nullagine Joint Venture (NJV), Buckland and Iron Valley. BC Iron is listed on the ASX under the code 'BCI'.
The NJV is an unincorporated 75:25 joint venture with Fortescue Metals Group Limited, which commenced exports in February 2011. The NJV utilises Fortescue's infrastructure at Christmas Creek, 50km south of the Nullagine mine, to rail up to 6Mtpa of ore to Port Hedland from where it is shipped directly to customers overseas.
Buckland is a development project located in the West Pilbara region. It has Ore Reserves of 134.3 Mt at
57.6% Fe, a completed and announced feasibility study, its own proposed infrastructure solution comprising a haul road and transhipment port at Cape Preston East, and all primary tenure and licences secured. BC Iron is currently evaluating all options to determine the optimal development and financing path for Buckland.
Iron Valley is a mine with Ore Reserves of 134.7 Mt at 58.5% Fe that was developed and is being operated by
Mineral Resources Limited under an iron ore sale agreement.
BC Iron also has an interest in a number of other earlier stage projects in the Pilbara and potential royalties over the Koodaideri South and North Marillana tenements.
KEY STATISTICS Shares on issue: | 196.2 million | |
Cash and cash equivalents: | A$107.5 million | as at 31 March 2015 |
Board: | Tony Kiernan | Chairman and Non-Executive Director |
Morgan Ball | Managing Director | |
Andy Haslam | Non-Executive Director | |
Brian O'Donnell | Non-Executive Director | |
Terry Ransted | Non-Executive Director | |
Anthea Bird Hayley McNamara | Company Secretary Company Secretary | |
Major shareholders: | Wroxby Pty Ltd | 19.0% |
Website: www.bciron.com.au
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