Red Hill Iron reports on environmental study at West Pilbara Iron Project

Red Hill Iron (ASX: RHI) has welcomed the submission to the Environmental Protection Authority (EPA) by API Management Pty Ltd (API), the Manager of the West Pilbara Iron Ore Project, of the Public Environmental Review (PER) describing the proposed development of a port at Anketell Point.

The port is proposed to provide loading facilities for Stage 1 of the West Pilbara Iron Ore Project in Western Australia.

This submission, together with the PER for the Mine and Rail submitted by API in December 2009, provides the EPA with the total development proposal for Stage 1 of the project.

The PER forms part of the studies necessary to achieve State Government and Participant approvals for the 30mtpa West Pilbara Iron Ore Project Stage 1 iron ore development, for which the majority of ore is to be sourced from the Red Hill Iron Ore Joint Venture (RHIOJV), managed by API.

The RHIOJV is carrying out feasibility studies which envisage the transport of RHIOJV channel iron deposit ore using the proposed railway and port at Anketell Point. These studies are due to be completed by mid year.

Red Hill Iron currently has a 40% interest in the RHIOJV with API owning 60%.

Red Hill Iron is being carried for all project costs under loan arrangements which will see its joint venture interest reduce to 20% upon first delivery of ore to customers subject to Red Hill Iron’s right to convert its interest to a 2% FOB Royalty.

http://www.proactiveinvestors.com.au/companies/news/6327/red-hill-iron-reports-on-environmental-study-at-west-pilbara-iron-project-6327.html