Australasian Resources Limited, through its wholly owned subsidiary International Minerals Pty Ltd, plans to develop the world-class Balmoral South Iron Ore Project in the Pilbara region of Western Australia.
International Minerals has the right to mine 1 billion tonnes of magnetite iron ore from the Susan Palmer deposit within the “Southern Block” of the Balmoral resource located approximately 80km southwest of the town of Karratha.
The extensive Balmoral deposit, which is owned by private company Mineralogy Pty Ltd, is reputedly the world’s largest undeveloped magnetite resource which, according to estimates by Hellman & Schofield Pty Ltd independent geological consultants, has the potential to host 60 – 100 billion tonnes of magnetic Banded Iron Formation.
The Company finalised negotiations with China’s fourth largest steelmaker, Shougang Corporation and its associated entities for the placement of A$56 million with A$42 million attaching options which provides a solid platform for the development of the Project that enhances value and minimises risks for Australasian shareholders.
The Project involves the mining and processing of magnetite ore from the Susan Palmer deposit to produce premium iron ore products for export.
For more information on Balmoral South Project please visit http://www.austresources.com.au/