NSL cuts back on Phase 2 costs
PERTH (miningweekly.com) – Junior iron-ore producer NSL Consolidated has advanced the Phase 2 wet beneficiation plant for its iron-ore projects in India, after signing a plant and equipment contract with a Chinese supplier.
Under the terms of the agreement, NSL negotiated more favourable commercial terms for the plant supply, resulting in a 25% cost reduction and longer payment terms, reducing up-front capital costs.
NSL would spend some $1.05-million for plant and equipment, with the first stage payment already made.
Equipment would be dispatched in three stages from China to India, starting in April, with on-site construction expected to start in May. Indian site work and civil work would start immediately, allowing commissioning to start in the third quarter of this year.
“With the supply agreement executed on more favourable commercial terms, the recent support and new interest generated through the recent significantly oversubscribed A$3.2-million capital raising, and with the wet plant product offtake agreement already in place with JSW Steel and BMM Ispat, we are very excited to move the company into the next stage of its development and add value for its shareholders,” said NSL MD Cedric Goode.
The Phase 2 wet beneficiation process would allow NSL to produce a high-grade premium iron-ore product grading at between 58% iron and 62% iron, with a production of around 200 000 t/y targeted.
The offtake agreement with JSW Steel and BMM Ispat was worth an estimated $9-billion.
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