WPG Resources is planning to develop its Peculiar Knob DSO iron ore mine, located south-east of Coober Pedy in South Australia.
According to the company, Peculiar Knob is the highest grade undeveloped DSO iron ore project in Australia, with the lowest level of the key impurities alumina and phosphorus.
WPG is planning to commence mining operations at Peculiar Knob next year and export the product through Port Pirie.
The proposed development is conditional on completion of the $120m funding package to be provided by Deutsche Bank and $81m equity raised by the company.
WPG is awaiting South Australian Government approval for its development application and mining and rehabilitation plan.