View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Market Data
September 26, 2011

Anglo American to develop iron ore project in Australia

Anglo American will invest $51m ($49.3m) to develop the Earaheedy iron ore project near Wiluna in Australia and earn a 75% stake in the project.

Anglo American will invest $51m ($49.3m) to develop the Earaheedy iron ore project near Wiluna in Australia and earn a 75% stake in the project.

Anglo will drill at least 7,500m in the next 18 months on the project, which is currently being developed by Cazaly Resources and Vector Resources.

The company will secure a 51% interest in the project if it pays an additional A$21m ($20.3m) to the Cazaly-Vector joint venture over the next four years.

Once Anglo completes a bankable feasibility study and pays A$5m ($4.8m), it will raise its stake to 75%.

Cazaly managing director Clive Jones stated that the Earaheedy is a major iron ore province and requires the expertise of a major player to develop it.

Related Companies

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Friday. The mining industry's most comprehensive news and information delivered every month. The mining industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Mining Technology