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Macarthur subcommittee to decide Lake Giles fate

26th May 2022

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – ASX- and TSX-V-listed Macarthur Minerals has appointed a strategic subcommittee to assist the board in planning the development of its Lake Giles iron project, in Western Australia.

The subcommittee will be focused on producing the Macarthur’s strategic partner action plan, drawing together the individual efforts of the company’s executives, developing a programme to engage and solicit support from the Australian federal government, project support in order to deliver this project for the Esperance and Goldfields community, and the implementation of a plan targeting preferred partners for construction, power, water, communications and logistics.

The subcommittee will also be responsible for the preparation and management of any merger and/or takeover proposals received by the company.

Macarthur president and executive chairperson Cameron McCall said on Thursday that a key focus for the company over the next 12 months is the identification of key strategic partners to advance the Lake Giles iron project to the delivery phase.

He noted that over the course of the past eight months, while the feasibility study was under development, the company has been fielding enquiries from interested parties.

“It is fair to say, all interested parties were waiting on the feasibility study results to catalyse any detailed evaluation of the opportunities presented by the Lake Giles iron project. This subcommittee now draws together these intentions in a coordinated fashion and signals the commencement of the company’s delivery phase of the Lake Giles iron project.”

The feasibility study into the Lake Giles project estimated that the project would have a mine life of 20 years, with mining rates expected to peak at 43-million tonnes a year. The study estimated that the project would require a capital investment of $569-million, and would have an all-in C1 operating cost of $71.74/t, with the pre-tax net present value estimated at $579-million and the internal rate of return estimated at 13%.

The feasibility study also estimated that the project would generate sales revenue of $8.9-billion.

Edited by Creamer Media Reporter

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