Become a customer

BC Iron completes Nullagine buy

BC Iron has completed the purchase of a 25% stake in the Nullagine iron ore project from its joint venture partner Fortescue Metals Group (FMG).

December 18, 2012
By Generic people page

Paragraph entered by Atlantic migration, in order for SteelFirst articles to display correctly on Metal Bulletin.

The Australian iron ore junior has remitted A$190 million ($200 million) in cash consideration to FMG, it said on Tuesday December 18.

BC Iron will own 75% of Nullagine from January 1, 2013.

“We will now focus on hitting our new target at the Nullagine operations and working with all our stakeholders towards the goal of achieving a production run-rate of 6 million tpy during the June quarter of 2013,” md Mike Young said in a statement.

Nullagine is currently producing 5 million tpy of iron ore.