Mineral Resources Limited (ASX: MIN) welcomes today’s announcement by the Government of Western Australia to increase iron ore export capacity at the Port of Port Hedland and to provide a new capacity allocation at Stanley Point berth 3 (SP3), which subject to all necessary approvals being obtained would be allocated to the recently announced joint venture between Hancock Prospecting Pty Ltd and Mineral Resources. Approvals are expected to be finalised by mid-2022.
On 29 November 2021, Mineral Resources and Hancock announced an agreement to jointly investigate the development of a new iron ore export facility at SP3, in the South West Creek, where Roy Hill would provide services to both Mineral Resources and Hancock for the development and operation of the project, including rail haulage and port services (the Project).
The Project remains subject to the following matters, which are being progressed:
- further approvals and agreements to develop and operate SP3 and the other associated supporting port infrastructure; and
- Mineral Resources and Hancock each electing to take a positive investment decision to proceed with the Project following the completion of an expedited feasibility study.
If the Project proceeds and SP3 is developed, Mineral Resources is aiming to ship at least 20 million tonnes of iron ore per annum.
Commenting on the State Government’s announcement, Mineral Resources managing director Chris Ellison said:
“Today’s announcement is a key milestone in MRL’s strategy to unlock stranded deposits in the Pilbara by developing pit-to-port solutions and expanding our capability to be a long-term, low-cost sustainable supplier of iron ore to international markets.
“We acknowledge the extensive consultation and review work completed by the Minister for Ports, Rita Saffioti, and the team at the Pilbara Ports Authority to ensure the Port Development Plan maximises exports and advances industry growth, which will lead to thousands of jobs for Western Australians for years to come.
“We look forward to working with the State Government, the Pilbara Ports Authority, our valued partner Hancock and Roy Hill to progress this project.”
View the full announcement
View the MRL-Hancock joint media release
View the WA Government’s Port of Port Hedland announcement
