PERTH (miningweekly.com) – The Cape Hardy port, in the Eyre Peninsula, has entered development phase, after ASX-listed Iron Road satisfied all the conditions precedent to a A$250-million joint development agreement with Macquarie Capital.
Iron Road, Macquarie and Eyre Peninsula Co-operative Bulk Handling previously agreed to work to establish a project vehicle and to formally start the first phase of a development plan, targeting financial close of the project by the third quarter of 2021.
The planned export facility at Cape Hardy is designed to be South Australia’s first Capesize capable port, and will be developed over a number of stages. The Stage 1 port will be predominantly used for grain export, with third party access for the import and export of various other commodities.
The port is planned to have an initial shiploader capacity of 70-million tonnes a year.
Iron Road this week said that the satisfaction of all conditions precedent meant that the two companies were now obligated to pay their respective share of budgeted costs in the first phase of the project’s development plan.