IMX Resources' (ASX: IXR) Cairn Hill iron ore and copper mine reached a significant milestone today after it completed the loading of its one millionth tonne of ore from Port Adelaide, South Australia.
The ‘Imperial’ ship will set sail today for its voyage to China with a 73,772 WMT cargo, part of two shipments per month since June 2011.
Today's milestone has been achieved just 10 months after shipping operations kicked off in December 2010.
Andrew Steers, IMX's acting CEO, said "it is great to be part of a successful project that is providing returns to its shareholders and benefits to the community, especially our local Coober Pedy residents.”
Cairn Hill is a joint venture, with IMX Resources 51% and Sichuan Taifeng 49%, which took the innovative approach of railing it’s ore to Port Adelaide in purpose built containers which are stacked at the Port awaiting the ships arrival.
These containers are tipped into the ship via a rotainer system, which then allows the empty container to return to service on the rail.
Economies of scale are now being reached at Cairn Hill, as unit costs per tonne are falling as production is being ramped up. Phase one ore at the operation is expected to deliver 7.9 million tonnes from two pits, generating revenue of A$250 million at current prices.
Cairn Hill phase two has the potential for a low capital and operating cost project, with the company looking to fast track development leveraging off existing approvals and infrastructure.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/20935/imx-resources-ships-one-millionth-tonne-of-ore-from-cairn-hill--20935.html
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