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Ribbon cut at Karara mine

9th April 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Iron-ore miner Gindalbie Metals on Tuesday officially opened its $2.6-billion Karara magnetite project, in the Mid West region.

“This is a tremendous milestone for the Australian iron-ore industry, a very significant event for the Mid West region and the state, and a momentous day for Gindalbie and our Chinese partner Ansteel,” said Gindalbie chairperson George Jones.

He noted that the successful financing, development, construction and commissioning of the project marked the realization of a long-held dream to establish downstream processing and value-adding opportunities for the iron-ore industry.

“The eight-million-ton-a-year concentrator at the heart of this project turns magnetite ore, which would otherwise have little value, into a valuable premium quality product that is increasingly in demand in global markets.”

Jones noted that the project owners had also invested some $1-billion in new rail, port and power infrastructure, which had assisted in unlocking a large stranded iron-ore deposit, creating growth opportunities for the exploration and development of other iron-ore deposits in the region.

“In the process, this project will generate enormous wealth for the region, the state and the nation,” Jones noted.

The official opening was attended by Premier Colin Barnett, who said that the Karara project was a major step forward for the state and for the Mid West region.

“The state government has worked closely with the proponents to get this project up and running and I congratulate them on getting to the production stage,” the Premier said.

“Karara is an outstanding example of the positive impact Chinese investment is having in Western Australia. It is a significant achievement in terms of Chinese investment and a major example of Chinese confidence in Western Australia.”

Mines and Petroleum Minister Bill Marmion said the project would produce several benefits for local communities, the region and the state over its expected 35-year life.

“In addition to creating important new employment and business opportunities, Karara has made a significant investment in community projects, in Morawa and the Mid West,” Marmion said.

The project employed more than 2 400 people at peak construction and had generated 500 direct permanent jobs. Karara, which is the second-largest magnetite project in Australia, would initially produce eight-million tons a year of magnetite, with the potential to expand to 16-million tons a year or more.

Ansteel’s integrated steelworks at Bayuquan, in China will take all the project’s iron products.

The first magnetite concentrate was produced in November last year, with nameplate capacity expected by the end of this month.

Edited by Creamer Media Reporter

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