Issued on Dec 20
AUSTRALIA’S Mineral Resources (MinRes) has announced ambitious plans to quadruple its planned ore production over the next five years.
MinRes is currently on track to export between 19 and 21 million tons of ore in the fiscal year ended 30 June 2021, but announced it planned to increase this to as much as 92 million per year in the next 3- 5 years. Recent price strength has made MinRes’ 58-60% Fe content ore commercially viable.
MinRes wants to increase volumes out of Koolyanobbing, purchased from US mining firm Cleveland Cliffs in 2018, from a current 8 mtpa to 13 mtpa, and its Pilbara operations from 8 to 14 mtpa. A further 25 mtpa will be added by trans-shipping ore from the Pilbara town of Onslow. However, a final project to add 50 mtpa at its South West Creek project is much less certain as government approval is not guaranteed