Mindax shares soar on Mt Forrest discussions
PERTH (miningweekly.com) - The share prices of iron-ore developer Mindax increased by 12.5% on Thursday, on news that the company was in confidential discussions with a potential strategic partner to fast-track the development of its Mount Forrest project, in Western Australia.
The discussions were in relation to the direct shipping ore (DSO) component of the project.
While the company was vague about the nature of the discussions, it did say that they would likely be concluded in the near future.
An April scoping study on the Mount Forrest project found that it could deliver some 1.5-million tons of DSO over a seven-year life-of-mine.
A second development option also investigated in the scoping study revealed that the project could produce some ten-million tons of magnetite a year, over a life-of-mine of 18 years.
The DSO operation would require a capital investment of some A$99-million, while the magnetite concentrate operation would need some A$1.7-billion in cash.
However, the net present value (NPV) for the DSO project was estimated at only A$86-million, while the magnetite concentrate project could deliver some A$1.7-billion in NPV.
The scoping study was based on the current Joint Ore Reserves Committee-compliant resource at the Mount Forrest project, which stood at some 14.3-billion tons, at 31.5% iron.
Mindax shares were trading at a high of A$0.09 a share, up from an opening price of A$0.085 a share.
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