Macarthur Minerals Update

Macarthur Minerals Limited (TSXV:MMS) reports update on iron ore export facilities.

The press release is quoted as saying,

The Port expansion was approved in principle by the Western Australian Minister for Transport in March, 2011. The Port expansion is to be funded and developed by Cashmere Iron Limited (“Cashmere”) through its wholly owned subsidiary Australian Infrastructure Group Limited (“AIG”). Cashmere has executed a Framework Agreement with Esperance Port, Sea and Land in which it is proposed to allow Cashmere to upgrade the port facilities to allow increased overall capacity of 10Mtpa initially, with potential for expansion for a further 10Mtpa later. Completion of the initial expansion project is expected to coincide with commencement of production at Macarthur’s DSO hematite project in 2013.

For the complete press release, click here.