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Midwest Corporation (ASX:MIS) is advancing exploration and pre-development activities in five discrete projects in the Midwest region, and has commenced exporting of haematite to China from one its direct shipping projects.
While the projects are at different stages of exploration and evaluation, the projects continue to produce encouraging results which confirm the resource potential and justifies Midwest 's accelerated exploration programme. The projects include:
- Koolanooka (Haematite) - DSO project in production; 1Mtpa installed capacity from an Ore Reserve of 7.9Mt at 57.8% Fe.
- Koolanooka (Magnetite) - Significant magnetite Mineral Resource of 430Mt at 35% Fe, representing approximately 26% of the mineralised outcrop strike length.
- Weld Range - Flagship haematite project with 133.4Mt JORC compliant Mineral Resource at 58.5% Fe from Madoonga, Beebyn and Beebyn North deposits (with 50Mt being in the highest “measured” category), representing approximately 38% of the mineralised outcrop length and with an exploration target of up to 299Mt across the tenements (including the Hampton Hill Mining JV).
- Jack Hills - Haematite project with an initial JORC compliant Mineral Resource of 15.4Mt at an average grade of 59.7% Fe and with an exploration target of up to 36Mt of DSO across the tenements. The potential to supplement the DSO with a Beneficiable Feed Ore product is being evaluated.
- Robinson Range - Exploratory mapping programme of hematite deposits with rock chip samples having returned average assay ranges of 59.2% to 63.4% Fe over substantial strike lengths. Midwest is also investigating potential for a small scale manganese operation which is being targeted for mining in second half of 2008.
Midwest has a joint venture exploration partner Sinosteel Corporation, one of China's largest iron ore trading and investment companies. The agreement covers the Weld Range haematite and Koolanooka magnetite projects and allows for joint implementation of exploration, feasibility studies and an off-take agreement.
Sinosteel Ocean Capital Pty Ltd, a wholly owned subsidiary of Sinosteel Corporation, is the majority shareholder of Midwest Corporation. |
