IOH 0.00% 70.0¢ iron ore holdings limited

More news today on IOH from the SMHYou would have to assume...

  1. 53 Posts.
    More news today on IOH from the SMH

    You would have to assume there is another stratergy brewing for the road...I was not aware of the Port issue thought.

    I wonder if it is really an issue.

    Interesting in anycase.

    Article from SMH.

    It seems Rupert Murdoch isn't the only media magnate that Clive Palmer is jousting with at the moment.
    The controversial Queenslander is also testing the patience of Perth billionaire Kerry Stokes over relations between their neighbouring iron ore interests in the Pilbara.
    Mr Stokes' ASX-listed mining company Iron Ore Holdings is being frustrated by Mr Palmer's Mineralogy on two fronts, with the latter preventing the former from using both road and port infrastructure in two different scenarios.
    The road issue is forcing the two parties to negotiate directly, with IOH wanting to build 70km of private road on a section of Mineralogy's land to allow it to improve efficiencies by running the sort of large trucks that cannot be used on civilian roads.
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    Mineralogy is refusing to allow the road to be built, and the two parties have taken the dispute to the Warden's Court in Western Australia, which handles mining disputes.
    Iron Ore Holdings chief executive Alwyn Vorster told Fairfax Media he was surprised to encounter troubles with Mineralogy after successfully negotiating access through acreage owned by several other miners.
    ''Iron Ore Holdings has an excellent relationship with other neighbouring companies in the Pilbara, including Rio Tinto, Aquila, Fortescue Metals Group, and Mineral Resources. When it came to Mineralogy it is disappointing there was not positive engagement to resolve areas of mutual importance,'' he said.
    A verdict from the warden is expected later this month. But the disputes don't end there.
    IOH has been planning to export its iron ore through a small port that will be built several hundred metres east of where Citic Pacific exports magnetite concentrate from Mineralogy's land.
    The WA Government ruled that Mineralogy would have to cede the land for IOH's port under the terms of a 2008 variation to Mineralogy's state agreement.
    But Mineralogy has yet to make the site available to IOH.
    When asked about the issues today, Mr Palmer said he didn't know anything about them.
    He told The West Australian in recent days that he did not believe he was required to give IOH access to a road near the port.
    ''We don't think we're supposed to give up the road,'' he said.
    Mineralogy is debating the terms of the deal with the WA department of state development, and it appears the two parties are headed for arbitration, leaving IOH a frustrated spectator.
    ''They want to include the road, so we said, 'We'll resolve it in a friendly manner and we'll have a little arbitration together'.''
    The department declined to explain its position on Mineralogy's refusal to vacate the site when asked by Fairfax Media this week.
    The disputes have run over the same period that Mr Palmer has been campaigning for his political party in WA, where it enjoyed strong support at last weekend's re-run of the Senate election.
    Mr Palmer has long suggested that his political aspirations are being attacked by Mr Murdoch via alleged harsh coverage in his newspapers.
    Yet the strong showing by Mr Palmer's new political force – the Palmer United Party – in last weekend's WA senate vote suggests he hasn't been particularly harmed by irking the local media magnate.
    Mr Stokes' company Seven West Media runs the only major metropolitan daily newspaper in Perth, and his companies also runs the commercial television station that has dominated the ratings in WA for most of the last three decades.
    When asked today if he was concerned about developing a bad relationship with the Perth billionaire, Mr Palmer said; ''I don't know whether I've got one, I've never met Kerry Stokes,'' he said.
    IOH shares have been solid at about 95¢ over the past eight months, and today the stock was fetching 94¢.
 
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