THE BOURSE WHISPERER: Rico Resources has had three Mining Lease Applications granted by the Western Australian Department of Mines and Petroleum (DMP).
The granting of the leases follows the signing of a Native Title Mining Agreement by the company and the lodgement of the executed State Deed with the DMP.
Rico already has a total Indicated plus Inferred Resource of 84.3 million tonnes of iron mineralisation grading 56.5 per cent iron at its Wonmunna project, which is situated in the southeast Pilbara region of WA.
Wonmunna project location. Source: Company announcement
The company said the granting of the mining leases enhances the development of the Wonmunna project, where it is methodically executing a development timetable.
“The Mining Proposal is the next step in the development timetable,” Rico Resources said in its ASX announcement.
“Work is well advanced on the preparation of the Mining Proposal, which is required for approval to begin mining.
“This Mining Proposal work continues to run in parallel with environmental studies and plans that are now close to completion.”
Rico also pointed out that its Wonmunna resources are located in close proximity to other operating mines in the region.
These include the West Angelas mine of Rio Tinto, Mining Area C of BHP Billiton, the Hope Downs Joint Venture between Rio and Hancock Prospecting, and the Mt Whaleback mine, also operated by BHP.
“Rico is well funded to undertake further exploration designed to increase its resource base in 2012/13,” the company said.
“Rico is working to develop its Wonmunna project and make further strategic acquisitions.”