Mineral Resources has announced that it has executed a farm-in and joint venture agreement with Brockman Mining that grants Mineral Resources the right to acquire a 50 percent interest in the Marillana project.
Mineral Resources (ASX: MIN) has announced that it has executed a farm-in and joint venture agreement with Brockman Mining (HKEX:159,ASX: BCK) that grants Mineral Resources the right to acquire a 50 percent interest in the Marillana iron ore project.
The project is located in the Pilbara of Western Australia.
Mineral Resources Managing Director Chris Ellison said:
“The boards and management teams of MRL and Brockman have a shared vision for the future of the Marillana project. Both companies recognize that MRL is firmly on track to commence construction of its Pilbara Infrastructure Project by the middle of 2019 such that the timing was right to formalize an arrangement that will see us work together to bring the project into operation.
“MRL has the demonstrated ability to develop world-class mining projects on time and on budget as well as the proven capability of producing iron ore at the mine gate for a cost that is comparable with the lowest-cost producers in Australia.
“This on-site capability will now be fully complemented by the low operational cost benefits that will be realized by using MRL’s innovative lightweight mine-to-port rail system linked to a Capesize carrier berth in the world’s largest bulk commodity port to deliver the Marillana product from the mine into a ship.
“We firmly believe that the Marillana product can be produced and delivered to China on a lowest-quartile cost basis globally.”