THE BOURSE WHISPERER: IMX Resources has signed a Memorandum of Understanding (MOU) with Flinders Ports.
The MOU will investigate the feasibility for development of a port solution at Port Pirie to support the development of the company’s 100 per cent-owned Snaefell magnetite project in South Australia.
IMX said the MOU with Flinders Ports was an important step towards proving the feasibility of the Snaefell magnetite project, which forms part of the much larger Mt Woods magnetite project.
“IMX is an established South Australian iron ore producer and has demonstrated its ability to work cooperatively with Flinders Ports in the establishment of our innovative containerised iron ore storage and loading facilities at Port Adelaide. IMX Resources managing director Neil Meadows said in the company’s announcement to the Australian Securities Exchange.
“This MOU provides the basis for IMX and Flinders Ports to work towards developing a port solution to support the development of a large scale iron ore export and trans-shipment facility at Port Pirie for the Snaefell magnetite project.”
IMX is developing the Mt Woods magnetite project on the Mt Woods Inlier in SA.
The company owns 100 per cent of the iron ore rights of the Mt Woods tenement package.
The current JORC Inferred Resource at the Snaefell magnetite deposit stands at 569 million tonnes at 27 per cent iron.
IMX has a Global Exploration Target of between 200 million tonnes to 380 million tonnes at 25 to 35 per cent iron elsewhere in the project.
Studies into water, power, ore characterisation, transport and logistics in anticipation of reaching a decision to commit to funding a Pre-Feasibility Study on the Snaefell project by the end of 2012 have been started.
IMX has also commenced the search for a suitable partner to support the development of the Snaefell Magnetite Project.
The company also has a joint venture with OZ Minerals (the Mt Woods copper-gold JV project) to explore the Mt Woods tenements for copper and gold.
OZ Minerals is spending a minimum of $20 million for a 51 per cent interest in the non-iron rights, with IMX retaining a 49 per cent stake.