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IndiOre ups expansion cost of Kurnool iron ore plant in India to A$11M

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IndiOre ups expansion cost of Kurnool iron ore plant in India to A$11M

IndiOre Ltd., formerly NSL Consolidated Ltd., increased the phase-three expansion cost for its Kurnool wet beneficiation plant in India to A$11 million from A$8.5 million.

The company said Sept. 4 that the change was sparked by improvements in designed availability, plant throughput and finished product grades and yields, which were based on a review of the project's phase two.

The additional capital requirement will be funded by a A$6 million convertible note facility IndiOre secured from major shareholder First Samuel. The facility has a term of three years with an annual interest rate compounding and accruing at 10%.

IndiOre said the expansion, which will allow the company to achieve a production rate of about 400,000 tonnes per annum from the iron ore plant, remains on track for commissioning in the first half of 2019.

Meanwhile, CEO and Managing Director Cedric Goode and non-executive Chairman Jock Muir both resigned.

Muir has been replaced by non-executive director Peter Richards, while the company is still in the process of looking for a new CEO.