IOH signs Native Title agreement for Buckland project

THE BOURSE WHISPERER: Iron Ore Holdings (ASX: IOH) has signed a Native Title Land Access Agreement with the Kuruma Marthudunera (KM) Native Title claimant group for the company’s Buckland project in Western Australia.

The Buckland Project covers all the activities associated with the potential development of an approx. eight million tonnes per annum Bungaroo South mine producing channel iron type ore.

The development will also include a dedicated private haul road and a small-scale barging facility at or near to Iron Ore holdings’ Mardie tenement on the Pilbara coast.

Iron Ore Holdings said the KM Land Access Agreement provides consent for all of the company’s exploration, mining and infrastructure activities on tenements in the KM claim area, subject to relevant government approvals.

 

Kuruma Marthudunera Native Title claim area. Source: Company announcement

 

The agreement covers milestone and production payments before and after mining commences.

It also provides for cross-cultural exchanges and employment opportunities, as well as consultation on Aboriginal heritage and environmental matters.

“This Land Access Agreement is formalisation of the positive working relationship that IOH has with the KM people and we look forward to this relationship expanding over time,” Iron Ore Holdings managing director Alwyn Vorster said in the company’s announcement to the Australian Securities Exchange.

“Securing the agreement will also trigger the grant of the Bungaroo South Mining Lease which is currently under application.”

Iron Ore Holdings indicated it has set the following near term goals for the Buckland project:

–    The granting of a Mining Lease for Bungaroo South;

–    The declaration of a maiden Ore Reserve at Bungaroo South;

–    The finalisation of the project Pre Feasibility Study;

–    Execution of a Land Access Agreement with the Yaburara Mardudhunera (YM) people; and

–    Securing Government endorsement for the development of a small scale barging facility.