Southdown going up

31 January 2006 | 05:26 Code : 7751 Geoscience events
Grange has outlined a resource at Southdown of 458 million...

Grange has outlined a resource at Southdown of 458 million tonnes grading 37% magnetite with 347Mt at 38% magnetite in the inferred category.The company says it will be back drilling the deposit in early February aiming to increase the indicated resources to about 410Mt, a level which will support an operation producing 6.6Mt of magnetite per annum for a minimum 23 years.Grange says it believes "new participants" will become involved in the project shortly in order to assist with financing and development. The company says a number of parties have signed confidentiality agreements to review the BFS work to date, giving it confidence of securing a partner.The company is aiming to mine the Southdown deposit at an annual rate of 17.8Mtpa, producing 6.6Mtpa of magnetite concentrate, grading 69% iron.Grange plans to construct a pellet plant on the east coast of Malaysia in order to ship concentrate from the Port of Albany to produce 6.8Mt of high-grade iron ore pellets per annum.Shares in Grange were up 3c (2.04%) to $1.50 in midday trade.

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