Progress with construction of haul road. Source: Strike.
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Strike Resources (SRK) reaches a “major milestone” as mining operations start at the Paulsens East iron ore project in Western Australia
  • Equipment has arrived on the site, with production to generate the first stockpiles of lump direct shipping ore (DSO) for shipment
  • Construction of the 18 kilometre haulage road is 40 per cent complete, and expected to be fully completed in up to 8 weeks
  • Strike has also confirmed that it has received the first draw-down of US$2.5 million (A$3.3 million) from Good Importing International
  • SRK shares are up 11.1 per cent and trading at 15 cents per share

Strike Resources (SRK) has reached a “major milestone” as mining operations commence at the Paulsens East iron ore project in Western Australia’s Pilbara region.

Equipment that has arrived on the site include excavators, screens and on-site sample laboratory, with production to generate the first stockpiles of lump direct shipping ore (DSO) for shipment.

Construction of the 18 kilometre haulage road, which will connect the mine to the public Nanutarra Road, is 40 per cent complete. The road is expected to be completed within a further six to eight weeks.

Once the road is completed, four road trains will carry DSO from the mine to Port Hedland for export.

Strike has also confirmed that it has received the first draw-down of US$2.5 million (A$3.3 million) from Good Importing International, as part of a US$7.2 million loan arrangement.

“We are delighted with the positive progress made with the Paulsens East haulage road,” Managing Director, William Johnson said.

“With contractors now mobilising to site to commence production, this is a further significant milestone in the development of Paulsens East. With iron ore prices strengthening to above US$150/t, the timing could not be better to bring the Pilbara’s next iron ore mine into production.”

On the market, Strike shares were up 11.1 per cent and trading at 15 cents at 1:29 pm AEST.

SRK by the numbers
More From The Market Herald
Flexiroam (ASX:FRX) - CEO, Marc Barnett

" Flexiroam (ASX:FRX) drives growth in FY22

Mobile data provider Flexiroam (ASX:FRX) has announced its financial results for the 12 months ending March…

" Kingsgate Consolidated (ASX:KCN) appoints CR3 to restart Chatree gold mine

Kingsgate Consolidated (ASX:KCN) has progressed activities for the restart of the Chatree gold mine in Thailand…
Green Technology Metals (ASX:GT1) - CEO, Luke Cox

" Green Technology Metals (ASX:GT1) receives final drilling results from Seymour

Green Technology Metals (ASX:GT1) has received the final assays from the phase one diamond drilling program…

" Arafura Resources (ASX:ARU) signs MoU with Hyundai

Arafura Resources (ASX:ARU) has signed a memorandum of understanding with South Korean automotive manufacturer Hyundai Motor…