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  • Iron Road (IRD) has reported significant support from Eyre Peninsula grain growers regarding the Cape Hardy port development
  • Once complete, the export facility will be the first South Australian port to support Capesize ships
  • Meetings held with Eyre Peninsula Cooperative Bulk Handling have exceeded previously held expectations
  • EPCBH was formed in 2017 to allow the local agricultural industry to take advantage of any Cape Hardy-related opportunities
  • The support has increased following news that a $25 million Federal Government grant will be issued
  • The project is expected to require an all-in financing task of around $180 million
  • Shares in Iron Road are trading flat at 5.2 cents each

Iron Road (IRD) has reported significant support from Eyre Peninsula grain growers regarding the Cape Hardy port development.

Upon completion, the export facility would be the first port in South Australia to support Capesize ships.

Recent meetings held in conjunction with Eyre Peninsula Cooperative Bulk Handling (EPCBH) indicate significant support for the project.

The cooperative was formed in 2017 to afford local farmers and grain growers access to any opportunities that might arise through the Stage I Cape Hardy project.

The meetings were held at various locations throughout the Eyre Peninsula region, and garnered significant attendance.

Bruce Heddle, Chairman of EPCBH, is optimistic about the growing support.

“We have always taken the view that any new infrastructure proposed for the region that assists our industry to be globally competitive, also needs to be open and accessible to as many industries and users as possible.

“This will maximise the economic outcomes and economic development potential for the region,” he said.

Districts not covered by the cooperative have also expressed interest in more inclusive follow-up meetings.

EPCBH will provide an update on any increases in membership later this month.

Iron Road CEO, Larry Ingle, said that a committed EPCBH membership will drive project funding.

“EPCBH’s initial and highly successful formal engagement process has validated the cooperative model as the most optimal for Eyre Peninsula growers.

“Reconciliation of EPCBH membership following this initial engagement process will enable a base case tonnage profile to be finalised for the Cape Hardy Stage I business case along with associated commercial return expectations,” he said.

The port development recently received a $25 million grant commitment from the Federal Government in order to kick-start construction.

It’s expected that the entire project will require approximately $180 million. Both Iron Road and EPCBH are actively pursuing various avenues for funding.

Shares in Iron Road are trading flat at 5.2 cents, with a market cap of $36.07 million.

IRD by the numbers
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