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Cazaly Resources cuts capex estimate by 23% for Parker Range iron ore project

An update to certain components of Cazaly Resources Ltd.'s definitive feasibility study on its Parker Range iron ore project in Western Australia slashed the capital expenditure estimate by 23% to A$130 million.

A supplementary definitive feasibility study completed in 2011 estimated capex of A$169.5 million and operating costs of about A$55.29/t for a 4.2 million-tonne-per-annum operation with shipping through the Esperance Port into Cape-sized vessels.

Cazaly Resources said March 26 that it reduced operating costs by 12% to A$48.85/t mainly due to lower mining, logistics and owner-related costs as well as new accommodation plans.

The company said it can save about A$20 million by delaying the construction of a wet plant by about two years. It will realize further savings by substituting an accommodation village with planned third-party camp facilities, reconfiguring loadout facilities and buying secondhand process plant equipment.

Parker Range hosts proven and probable reserves of 31.4 million tonnes and is targeting an iron ore fines product grading 56.4% iron, 0.02% phosphorus, 6.0% silicon dioxide and 2.50% aluminum oxide.