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Re: MGX
MGX - Looking Good !!!
FYI
Mount Gibson pellet plant approvals won
Jesse Riseborough
Wednesday, September 28, 2005
EMERGING iron ore play Mount Gibson Iron says its 76% subsidiary Asia Iron Holding has received all the necessary development approvals for construction of a 2.5 million tonne per annum pellet plant at the port of Longtan in China.
Beijing Shougang Design Institute has completed the engineering design of the plant and is also expected to be awarded the turnkey contract for construction of the plant, which is expected to commence in April 2006.
Mount Gibson said the Longtan Port Authority would be constructing a 400,000t covered storage facility for the company's magnetite concentrate to be exported from the Extension Hill magnetite project in Western Australia. The plant will be built on land adjacent to the wharf and will be leased for 25 years.
Asia Iron said it was also currently assessing possible locations for construction of a second 2.5tpa plant to be utilised following the scheduled doubling of production in 2008-09.
Earlier this month Mount Gibson said it had commenced a feasibility study into the production of metallised iron using the Midrex rotary hearth furnace technology. The study is expected to take two years to complete and will be based on the proposed construction of four 500,000tpa production modules, which the company said could each generate sales of around $200 million per year.
Mount Gibson holds both magnetite and coal deposits in WA's Mid West region, which it said were both technically suitable for the process that produces metallised iron in nugget form. The company is considering a plant located between Dongara and Mingenew.
Shares in Mount Gibson closed up 0.5c [0.6%] at 82.5c.
MGX - Looking Good !!!
FYI
Mount Gibson pellet plant approvals won
Jesse Riseborough
Wednesday, September 28, 2005
EMERGING iron ore play Mount Gibson Iron says its 76% subsidiary Asia Iron Holding has received all the necessary development approvals for construction of a 2.5 million tonne per annum pellet plant at the port of Longtan in China.
Beijing Shougang Design Institute has completed the engineering design of the plant and is also expected to be awarded the turnkey contract for construction of the plant, which is expected to commence in April 2006.
Mount Gibson said the Longtan Port Authority would be constructing a 400,000t covered storage facility for the company's magnetite concentrate to be exported from the Extension Hill magnetite project in Western Australia. The plant will be built on land adjacent to the wharf and will be leased for 25 years.
Asia Iron said it was also currently assessing possible locations for construction of a second 2.5tpa plant to be utilised following the scheduled doubling of production in 2008-09.
Earlier this month Mount Gibson said it had commenced a feasibility study into the production of metallised iron using the Midrex rotary hearth furnace technology. The study is expected to take two years to complete and will be based on the proposed construction of four 500,000tpa production modules, which the company said could each generate sales of around $200 million per year.
Mount Gibson holds both magnetite and coal deposits in WA's Mid West region, which it said were both technically suitable for the process that produces metallised iron in nugget form. The company is considering a plant located between Dongara and Mingenew.
Shares in Mount Gibson closed up 0.5c [0.6%] at 82.5c.
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