Join our daily newsletter At The Bell to receive exclusive market insights
- GWR Group’s (GWR) cargo vessel, PanAfrica, set sail yesterday with the company’s maiden shipment of iron ore from its C4 deposit in Wiluna
- The cargo vessel is carrying 52,425 tonnes of premium high-grade lump iron ore and heading to offtake partner Pacific Minerals for delivery
- The shipment’s original date of departure was pushed back after a series of challenges, including a tidal surge event and severe weather
- GWR is expected to secure a vessel for its second shipment of iron ore to its offtake partner shortly
- GWR Group is up 1.49 per cent, trading at 34 cents
GWR Group’s (GWR) cargo vessel, PanAfrica, set sail yesterday with the company’s maiden shipment of iron ore from its C4 deposit in Wiluna.
The cargo vessel is carrying 52,425 tonnes of premium high-grade lump iron ore and headed from the Port of Geraldton in Western Australia for delivery to offtake partner Pacific Minerals.
GWR Chairman Gary Lyons says the maiden iron ore shipment was met with a series of haulage issues and challenges outside of their control.
These included a tidal surge event, a maintenance outage and severe weather which caused the closure of the haulage road.
“Despite these challenges we successfully navigated our way towards this historic event for shareholders, which has been many years in the making,” said Lyons.
“The GWR board is delighted that our vision to become an ASX listed Iron Ore producer has come to fruition and we look forward to ramping up operations.”
Meanwhile, C4 Stage One mining activities are continuing on site with high-grade lump and fines product being stockpiled at the Port of Geraldton Site 88 location.
Shipments are now expected to continue each month in accordance with GWR’s offtake agreement with Hong Kong Trader Pacific Minerals.
Additionally, the company has engaged Pilbara Resource Group (PRG) for Stage One of the C4 mining operations, which will cover the first one million tonnes of C4’s Mineral Resource estimate of 21.6 million tonnes at 60.7 per cent iron.
Assessment and modelling are currently underway to increase production tonnage on Stage 1.
Under the joint venture with PRG, GWR must provide minimal capex and opex, and will retain a 70 per cent share in the project profit.
GWR is expected to secure a vessel for its second shipment of iron ore to its offtake partner shortly.
GWR Group is up 1.49 per cent, trading at 34 cents at 10:45 am AEDT.
