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Australian BCI's Iron Valley mine ships 2.1 million wmt in Q4, up 40% on year

  • Author
  • Nathan Richardson
  • Editor
  • Liz Thang
  • Commodity
  • Metals

Sydney — Australian miner BCI Minerals reported shipments from its Iron Valley mine of 2.1 million wet mt for the fourth quarter, which is up 40% year on year from 1.5 million wmt and 21% above the 1.6 million wmt seen in Q3, the company said Tuesday.

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About 45% of Q4 total was lump product, BCI said. "This is the highest proportion of fines product shipped from Iron Valley in recent times and coincides with the recent improvement in market prices for 58% Fe products," it added.

As of June 30 last year, the Central Pilbara Iron Valley mine has ore reserves of 95 million mt at 58.4% Fe, the company says.

Iron Valley is BCI's only operating iron ore mine. It's operated by Mineral Resources under a royalty agreement.

BCI completed the sale of its fellow Western Australian Kumina iron ore project to Mineral Resources in late December for an initial cash payment of A$27 million ($19.35 million) from MinRes with two further payments of A$4 million due upon first export of iron ore and 12 months after first export.

The sale was part of BCI's plan to divest its iron ore assets and exploration tenements.

The company is in ongoing discussions about potential transactions in relation to its other assets, including Bungaroo South tenements and Cape Preston East port rights; 283 million mt JORC Mineral Resources with a feasibility study and all required primary approvals in place; and other iron ore exploration assets including the Maitland River Magnetite Project, a 1.1 billion mt JORC Mineral Resource located 20 kilometers from Cape Preston East.

--Nathan Richardson, newsdesk@spglobal.com

--Edited by Liz Thang, elizabeth.thang@spglobal.com