Fusion PFS delayed as Centrex looks for land access
PERTH (miningweekly.com) – The prefeasibility study (PFS) for the Fusion magnetite joint venture (JV) between ASX-listed Centrex Metals and Wuhan Iron & Steel Group (Wisco) could be delayed.
Centrex said on Thursday that drilling in the JV area, in South Australia, had been delayed while the JV partners awaited further land access.
The JV started a major drilling programme in December last year, aimed at drilling out new deposits adjacent to the existing 680-million-tonne resource. It was hoped that with the additional deposits, the JV could reduce the required mining depths for the initial mine life at Fusion, and in doing so lower production costs.
Since drilling on the expanded PFS was started in December, a total of 16 holes had been completed west of the existing Koppio deposit and at the Bald Hill deposit.
Centrex noted that while access for exploration drilling had been gained to some areas of Bald Hill, agreements had yet to be reached on a number of other areas. Negotiations for access to these areas have been ongoing for six months, and mediation has been attempted; however, no agreement has been reached and the company was now hoping to gain access through a determination under the South Australian Mining Act.
The timeframe for the determination was not clear, and could take a number of months, Centrex told shareholders. This would directly impact on the overall schedule of the expanded PFS.
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