australia's identified mineral resources 2005 - Geoscience Australia

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AUSTRALIA’S IDENTIFIED MINERAL RESOURCES 2005 Mt Gibson. Western Australia has just under 90% of Australia’s total identified resources of iron ore with over 80% occurring in the Pilbara district. Accessible EDR Almost all EDR is accessible except for the remaining resource at Orebody 23 (18 Mt) in the Newman District and 30% of the Windarling resource, which have both been quarantined for environmental reasons. The resource life of the accessible EDR of 14.6 Gt is around 65 years. JORC Reserves Over 30% of accessible EDR, or 4.6 Gt, is JORC compliant. The resource life of accessible JORC reserves is about 20 years. Around 30% of EDR is in the JORC reserves category. Exploration Expenditure ABS data indicate that exploration expenditure for iron ore in 2004 totalled $97.9 million, an increase of over 85% from $52.1 million in 2003. Detailed data on spending are not available from ABS but most is likely to have been spent in Western Australia. Production ABARE reported that Australia’s iron ore production in 2004 was 231.0 Mt (212.9 Mt in 2003) with 97% produced in Western Australia. The remaining production came mainly from South Australia and Tasmania. Exports in 2004 totalled 210.3 Mt (187.3 Mt in 2003) with a value of $6 073 million. ABARE has projected that Australia’s iron ore production will reach 341 Mt in 2009–10. World Ranking Australia has some 9% of world EDR of iron ore and is ranked fifth after Ukraine (19%), Russia (16%), China (13%) and Brazil (13%). In terms of contained iron, Australia has about 11% of the world’s EDR and is ranked fourth behind Russia (18%), Brazil (18%) and Ukraine (11%). Australia produces around 18% of the world’s iron ore and is ranked third behind China (22%) and Brazil (18%). Industry Developments WESTERN AUSTRALIA Hamersley Iron (100% Rio Tinto): Eastern Range mine was officially opened in April 2004. Under the terms of the joint venture agreement between Hamersley Iron and Baosteel Group 200 Mt of iron ore will be supplied at 10 Mtpa over 20 years. The capacity of the Yandicoogina mine is being expanded from 24 to 36 Mtpa at a cost of US$200 million. Completion is scheduled for early 2005 and pre-feasibility studies are being undertaken into further expansion. Feasibility studies are progressing on expansion of production at Tom Price and Marandoo and mining the Nammuldi and Brockman No 4 deposits. 40 Expansion of the Port of Dampier from 76 to 116 Mtpa commenced in early 2004 with completion scheduled for late 2005. Stage 1 work will expand port capacity to 95 Mtpa and focus on Parker Point. Included in the expansion program is a new gas-fired power plant at Paraburdoo and a 95 km rail line duplication. After six years of negotiation the Eastern Guruma Indigenous Land Use Agreement was registered in March 2004. Hamersley Iron will contribute to a Trust and provide a range of long term community benefits to Aboriginals with traditional ties to the area. Robe River Associates (53% Rio Tinto): At West Angelas mine, Marra Mamba ore production began in April 2002 at a rate of 7 Mtpa and by 2004 capacity reached 20 Mtpa. Construction of an expansion to 25 Mtpa commenced in early 2004 and is expected to be completed by mid-2005. Project teams have been assembled to study options for significant expansion of Robe River’s production capacity, including an expansion at Cape Lambert beyond the current 55 Mtpa. The Pilbara Iron company was
AUSTRALIA’S IDENTIFIED MINERAL RESOURCES 2005 Iron ore stockpiles at East Intercourse Island, Western Australia (Pilbara Iron Pty Ltd). established in 2004 to manage all mining, rail, port and power infrastructure together with the provision of corporate and site services on behalf of Hamersley Iron and Robe River Associates. BHP Billiton: Upgrade and expansion of the port and railway capacity from 85 to 100 Mtpa, a project known as Products and Capacity Expansion, was completed in early 2004. By the end of year, the initial Rapid Growth Project (RGP1) had further expanded capacity to 110 Mtpa. The second Rapid Growth Project 2 (RGP2) is designed to expand capacity from 110 to 118 Mtpa by the second half of 2006. A feasibility study due for completion in early 2005 is examining a two stage capacity expansion to 145 Mtpa costing US$1 billion. As part of RGP1, Mining Area C production capacity was increased from 15 to 23 Mtpa. RGP2 includes the development of Orebody 18 at an initial 8 Mtpa and plant modifications at Orebody 25. At Yandi, the “Western 4” life extension project will provide up to 15 Mtpa of Lower Channel Iron Deposit ore by the second half of 2005. Portman Ltd: Mining commenced in early 2004 at the $23.2 million Mount Jackson and Windarling expansion project. Delivery of ore to Koolyanobbing commenced in April 2004 after a 100 km ore haulage road was completed. A new $55 million expansion project to lift production from 5 to 8 Mtpa commenced in October 2004. When completed in late 2005, production will consist of 6 Mtpa of a standard product and 2 Mtpa of a lower iron content and higher phosphorous product. At Cockatoo Island full production recommenced after the Stage 2 seawall was completed in August 2004. 41 Mount Gibson Iron Ltd: Operations commenced at Tallering Peak in late 2003 with the first hematite shipment from Geraldton to China in February 2004. The company plans to mine at a rate of 2.5 Mtpa for about six years before relocating operations to the Mt Gibson hematite deposit, where mining is scheduled to continue for another five years. Another proposal includes developing a mine at Koolanooka South by late 2006 to produce 2.5 Mtpa of magnetite concentrate for a pellet plant in Longtan, China. A second 2.5 Mtpa mine at Wolla Wolla is scheduled to produce 12 months later, with the magnetite concentrate destined for the pellet plant in Longtan.
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