first iron ore shipmant

It will be a great achievement when the first panamax ship leaves Darwin port full of SHD DSO at months end.

The bulk sample of ore currently being extracted and delivered to Darwin Port will be sold pursuant to an offtake agreement with an offshore buyer.
Based on the current extraction and delivery schedule, Sherwin Iron expects to receive its first instalment of revenue under the offtake agreement in the next 14 days. It is expected, again based on the current delivery schedule, that total revenue of $14 million will be received in the quarter ended 30 September 2013.

The Company has completed its commissioning of quality control, mining techniques, crushing-screening circuit and transport logistics. The process is now being elevated to achieve circa 3,000 tonnes per day. The first shipment is to be loaded onto a vessel and dispatched before the end of August 2013.