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WPG sells Port Pirie land

5th September 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – ASX-listed WPG Resources is looking for a buyer for its Spencer Gulf Ports land assets, in Port Pirie, in South Australia.

WPG acquired the industrial land three years ago as part of its plan for an integrated iron-ore development and export infrastructure chain for its Peculiar Knob iron-ore mine.

The company spent about A$5-million on developing the site, but further capital spend was deferred following WPG’s 2011 sale of the Peculiar Knob project to OneSteel for A$320-million.

To date, the Port Pirie site has remained vacant, but has been maintained in good condition, WPG said.

“Port Pirie is poised for revitalisation and expansion spurred by the announced decision by Nyrstar to go ahead with the transformation and redevelopment of its Port Pirie smelter into an advanced metal recovery and refining facility at a capital cost of around A$514-million,” WPG executive chairperson Bob Duffin said on Friday.

He noted that this investment was a boon for other industrial development growth, and would attract new business investment.

“With WPG’s focus now fully changed from iron-ore to bringing our Tarcoola gold project into production within 18 months, we no longer hold our land in Port Pirie for its original purpose. We would prefer to sell the land and redeploy the cash freed up towards the development of Tarcoola.”

Edited by Creamer Media Reporter

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