Australia  

Celebrating 10 Years of Trusted News Discovery
One News Page
> >

Fe Limited to receive iron ore royalty payment from new Deception mine

Proactive Investors Wednesday, 15 May 2019
Fe Limited (ASX:FEL) will receive a royalty payment of $211,729 from Mineral Resources Ltd (ASX:MIN) for mining of iron ore at Deception mine within the Koolyanobbing project in Western Australia. FEL chairman Tony Sage said royalty payments from Deception were expected to increase with the mine coming into full production during the March quarter. MIN has completed the facilities area with first ore hauled in late March to the Koolyanobbing run-of-mine. 1.5% royalty FEL holds a 1.5% dry metric tonne, FOB royalty, the Evanston Iron Ore Royalty, in respect to the mining licence area that is approximately 20 kilometres north of MIN’s Windarling mine. The Evanston Iron Ore Royalty area is in WA’s Southern Yilgarn Iron Province, about 400 kilometres northeast of Perth. Sage said that the ongoing royalty payments would help secure FEL’s funding for all of its projects in the foreseeable future. READ: Fe Limited’s partner identifies new copper mineralisation style in Bryah Basin In its March quarterly report MIN said it was ramping up operations at Koolyanobbing. During the quarter 1.303 million tonnes of iron ore were produced, up from 560,000 tonnes in the December 2018 quarter when production began. There were 1.591 million tonnes mined in the quarter, up from 1.167 million in the previous quarter while there was 1.518 million tonnes shipped, up from 292,000 tonnes. Plans to increase production MIN said it had achieved its Koolyanobbing target annual run rate of 6 million tonnes of iron ore production and plans had been developed to increase production to 8 million tonnes by the first quarter of FY20. Mine life is estimated at 5-6 years with potential to extend upon the completion of further drilling and exploratory programs on tenement holdings. READ: Fe Limited secures option over large footprint in world-class Pilbara region, shares surge 50% Earlier this week FEL entered an exclusive option agreement to acquire up to a 75% interest in 19 gold, copper and lithium tenements in WA’s Pilbara region. The Macarthur tenement package provides FEL with access to highly prospective ground in a world-class lithium, gold and base metals province near to tier one infrastructure.
0
shares
ShareTweetSavePostSend
 

Recent related videos from verified sources

UK man discovers 14-metre-deep lead mine shaft in his garden [Video]UK man discovers 14-metre-deep lead mine shaft in his garden

This man from Middleton-by-Wirksworth, Derbyshire, discovered a century-old mine shaft in his garden. Terry Houghton, 67, bought the land at the back of his house at an auction last year. The field..

Credit: Newsflare     Duration: 00:50Published

Guatemalan mayor stuns crowd by wearing Iron Man costume at campaign event [Video]Guatemalan mayor stuns crowd by wearing Iron Man costume at campaign event

The mayor of Mixco village in Guatemala, Neto Bran, is famous for wearing an Iron Man costume in public events.

Credit: Newsflare STUDIO     Duration: 02:00Published

2019 All-new Renault CLIO in Blue Iron Driving in Portugal [Video]2019 All-new Renault CLIO in Blue Iron Driving in Portugal

2019 All-new Renault CLIO in Blue Iron Driving in Portugal

Credit: AutoMotoTV     Duration: 02:12Published

2019 All-new Renault CLIO Design in Blue Iron [Video]2019 All-new Renault CLIO Design in Blue Iron

2019 All-new Renault CLIO Design in Blue Iron

Credit: AutoMotoTV     Duration: 02:32Published


Recent related news from verified sources

Is iron ore heading to US$120 per tonne in two months?

The Rio Tinto Limited (ASX: RIO) and BHP Group Ltd (ASX: BHP) share prices are among the strong performers on the S&P/ASX 200 (Index:^AXJO) (ASX:XJO) index...
Motley Fool Also reported by •The Age

Venture Minerals upgrades Riley iron ore resource to meet JORC 2012 guidelines

Venture Minerals Limited (ASX:VMS) has upgraded the iron ore resource to meet JORC guidelines at its Riley DSO project in northwest Tasmania. The resource of 2...
Proactive Investors

S&P/ASX 200 closes the week at a 11-year high

S&P/ASX 200 (INDEXASX:XJO) finished stronger by 11 points or 0.2% to 6553 today, boosted by strong gains in the materials and energy sectors. The index closed...
Proactive Investors

Oklo Resources exercises option to acquire 65% of Sari Gold Project in Mali

Oklo Resources Ltd (ASX:OKU) has exercised its option to acquire a 65% interest in the Sari Gold Project in Mali which forms part of its strategy to acquire a...
Proactive Investors

You Might Like


Other recent news in Business

Lithium AUSTRALIA identifies lithium pegmatites at Kangaroo Island projectRain-hit cricket WORLD CUP may cost insurers millions-industry sources
Environmentally friendly: One News Page is hosted on servers powered solely by renewable energy
© 2019 One News Page Ltd. All Rights Reserved.
About us  |  Contact us  |  Disclaimer  |  Press Room  |  Terms & Conditions  |  Content Accreditation
 RSS  |  News for my Website  |  Free news search widget  |  In the News  |  DMCA / Content Removal  |  Privacy & Data Protection Policy
How are we doing? FeedbackSend us your feedback  |   LIKE us on Facebook   FOLLOW us on Twitter  •  FOLLOW us on Pinterest
One News® is a registered trademark of One News Page Ltd.