BC Iron Limited announced that it has secured all necessary approvals for below water table mining at the Iron Valley Mine located in the Pilbara region of Western Australia.
According to the company, this will allow its operating partner – Mineral Resources Limited (MIN) – to access the entire Iron Valley Ore Reserves of 123.2Mt and significantly extend the mine life at current production rates of approximately 7Mtpa.
“The finalisation of all required below water table approvals is the result of excellent cooperation and teamwork between BC Iron and MIN over an extended time period,” said BC Iron Managing Director Alwyn Vorster.
“Iron Valley is currently contributing robust royalty earnings for BC Iron given resilient iron ore prices and the strong operating performance by MIN. BC Iron will update its FY17 EBITDA for Iron Valley (currently $6m to $16m) following finalisation of the December 2016 quarter production and financial results.”