Join our daily newsletter At The Bell to receive exclusive market insights
- Macarthur Minerals (MIO) has updated the market on some of its key highlights from the last quarter of 2020
- The December quarter saw the filing of a technical resources report for the Lake Giles Iron project in Western Australia, recording a 53.9 million tonne measured mineral resource
- An engineering design for MIO’s Helix Dumper unloading solution has also been completed, in preparation for its “route to market”
- Macarthur Minerals Chief Executive Officer Andrew Bruton says the company has a very active year planned
- Macarthur shares ended the session down 2.94 per cent, last trading at 49.5 cents each
Macarthur Minerals (MIO) has updated the market on some of its key highlights from the last quarter of 2020.
The explorer’s main focus of the quarter, and in fact the year, was its Lake Giles Iron project in West Australia.
In terms of feasibility study activities, MIO advised a technical resource report for Lake Giles has been filed with a measured mineral resource of 53.9 million tonnes, an indicated mineral resource of 218.7 million tonnes and a further 997.0 million tonnes of inferred mineral resource.
RCR Mining Technologies also completed an engineering design report back in October to support the potential development of the Helix Dumper unloading solution at the Port of Esperance.
Macarthur also says it has effectively removed all debt within the business after the conversion of all note holders into Macarthur equity.
The explorer says it is well-positioned to take on its 2021 goals, which include working towards completing its feasibility study and securing a strategic partner for Lake Giles development.
MIO also hinted a 2023 commencement date for the project.
Macarthur Minerals Chief Executive Officer Andrew Bruton, who was appointed to the position in December, spoke of his plans for the company.
“The company has an exciting agenda of value-driving objectives for the 2021 calendar year. Chief amongst that will be focusing on completing the feasibility study for our magnetite operations,” he explained.
“I anticipate that we can materially progress commercial negotiations for infrastructure location and port access early in 2021, allowing the Company to focus on finalising the necessary metallurgy test work and process flow for magnetite beneficiation, together with the engineering design works,” he commented.
“Macarthur has a very active year planned,” he concluded.
Macarthur shares ended the session down 2.94 per cent, last trading at 49.5 cents each.
