Flinders Mines (ASX:FMS) has welcomed approval from the Western Australia state Government for negotiations to commence that could allow construction of a new railway to the company’s wholly-owned Pilbara Iron Ore Project (PIOP).
This provides further confidence into its efforts to complete a Bankable Feasibility Study for the project.
Worley Parsons is heading up work on the PIOP BFS and are currently on target to have the results of the study delivered by the end of June 2015.
Flinders Mines last year signed an agreement with the Balla Balla Joint Venture for the provision of rail and port services for the Company’s PIOP.
The Balla Balla JV consists of Sydney-based Rutila Resources (ASX:RTA) and Todd Corporation of New Zealand which also is the largest single shareholder in Flinders Mines with a 19.9% stake.
Rutila, as Manager of the Balla Balla JV, has been invited by the WA Government to negotiate a State Agreement for construction of the new railway linking the proposed Balla Balla port to Flinders Mines’ 25 million tonnes per annum PIOP.
Recently, Flinders increased total PIOP resources to 1.04 billion tonnes at 55.6% iron, most of which is in the Indicated or Measured categories that form the basis for mine planning studies as part of the current BFS.
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