Ascot Resources has secured mining approval and associated mine closure plans from the Western Australian Department of Mines and Petroleum (DMP) for its Wonmunna iron ore project in Pilbara.

Wonmunna iron ore project is wholly owned by the company and located 80km north-west of Newman.

DMP approved the plan specifying various conditions that need to be included in Ascot’s environmental management plans.

At Wonmunna, the company intends to develop a five million tonnes (Mt) a year direct shipping ore operation.

"The Native Vegetation Clearing Permit…will provide a basis to start topsoil and overburden removal."

Production at the mine is scheduled at an initial 3Mt a year, which is expected to rise to full production by the second year of operation.

In October 2014, the company secured the Native Vegetation Clearing Permit, which together with the latest one, will provide a basis to start topsoil and overburden removal once development finance is secured.

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Acsot Resources is currently holding discussions with third parties to obtain a viable solution to bring its iron ore product to market.

Ahead of the board considering a decision to proceed to seek project finance, Ascot is seeking opportunities to cut both capital and operating costs.

Consisting of three mining leases and one exploration licence, the project is intersected by the Great Northern Highway.

The company aims to advance the Wonmunna development and deliver a near-term production outcome.

Ascot also holds a 90% joint venture interest in the Titiribi Coal project in the Department of Antioquia, Colombia.