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GINDALBIE METALS LTD

ASX: GBG

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Description

Gindalbie Metals Ltd is an independent Australian iron ore company based in Perth, Western Australia which is developing a portfolio of projects in the State’s Mid West region.

Gindalbie’s core asset is the world-class Karara Iron Ore Project which it is developing in Joint Venture with AnSteel, one of China’s leading steel and iron ore companies. Karara will deliver a diversified product mix including high grade magnetite concentrate, blast furnace quality pellets and Direct Shipping Ore (DSO) hematite. Gindalbie has an aggressive growth strategy to increase production from Karara and other deposits in the Mid West region to a targeted level of more than 30Mtpa by the middle of next decade.

The DSO operation at Karara commenced in late 2010, and is expected to ramp up to an intial production level of up to 2Mtpa in 2012. The 8Mtpa of high grade magnetite concentrate is scheduled to commence at the end of 2011.

Gindalbie also controls an extensive pipeline of exploration and growth opportunities within a 1,900km2 tenement position in the Mid West region.

Karara Iron Ore Project

The Karara Iron Ore Project involves an integrated development of the world-class magnetite deposit at Karara to produce both high grade magnetite concentrate on site and blast furnace quality pellets in north-eastern China. Karara is a world-class orebody in terms of its scale, quality, consistency and extremely low waste: ore stripping ratio, which will result in relatively low mining costs.

* JORC resource – 2,518Mt @ 34.1%Fe (Inclusive of 977.5Mt @ 36.5%Fe JORC Reserve)
* Estimated contained concentrate 1,027Mt @ 68.6%
* Waste: ore stripping ratio – 0.38: 1
* 8Mtpa initial production of high grade magnetite concentrate
* 4Mtpa pellet production at a new plant in China, also in joint venture with AnSteel
* 60-year mine life at initial 8Mtpa production rate
* Capacity to expand production to +30Mtpa for more than 30 years

Regional Exploration

Gindalbie controls a highly prospective portfolio totalling 1900sqkm in the Mid West, with the Karara tenements accounting for just 20% of that area.

The Company’s geologists believe that small-to-medium sized hematite orebodies represent the principal exploration target within the Company’s Mid West tenure, in addition to the world-class magnetite deposit already defined at Karara.

Key hematite targets include the Shine and Gap Prospects, located within the Warriedar Joint Venture (Gindalbie 60%, Royal Resources 40%), 45km north of Karara, Porcupine, located 10km north-east of Karara, as well as Johnnys, Karara West, Hinge and Brac.

While some minimal regional exploration is continuing, Gindalbie recognises the importance of dedicating as much of the Company’s available resources to the rapid development of the flagship Karara Iron Ore Project.

Gindalbie is also confident that additional hematite and large Karara-style magnetite resources can be identified at other prospects within its tenements, such as the Lodestone Prospect, which comprises a Banded Iron Formation (BIF) 6km long and up to 0.8km wide.

Mine For

iron ore

Location of operation(s)

Western Australia

Address

Level 9, London House , 216 St George's Terrace
PERTH, WA, AUSTRALIA

Phone

(08) 9480 8700

Email

Website


Last Updated

5/4/2011

 

The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.