CuDeco takes back ownership of Cloncurry rail facility
PERTH (miningweekly.com) – Copper developer CuDeco has taken full ownership of the Cloncurry user-rail load facility, which was set to be constructed in Queensland.
The company said on Monday that the mining lease application for the rail user facility had been transferred to CuDeco after joint venture (JV) partners Xstrata and MMG announced their withdrawal from the project.
CuDeco originally had full control of the project, until the state government requested access for Xstrata and MMG into the JV through an equal-share partnership.
Over the past three years, the JV partners have completed a range of requirements and conditions for the rail load facility, including road design, rail design, environmental, native title and cultural heritage activities.
The rail facility had initially been scheduled to be operational by 2014.
With CuDeco now regaining full ownership of the project, the company said that it would allow its strategic business model to evolve along the lines of its mine-to-port logistics model.
It would also allow for discussions with major stevedoring companies and international groups that wanted to participate in the project to proceed, along with the ability to negotiate with other potential users of the facilities.
The rail facility would be capable of processing up to four-million tonnes of mineral concentrates a year from CuDeco’s 100% owned Rocklands copper project, and provides access to the Port of Townsville via the Queensland rail network.
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