Sherwin Iron commences mining and shipping of 200,000t sample for China
Sherwin Iron (ASX: SHD) has taken another step towards potential low term cash from the company's Roper River project in the Northern Territory, with the commencement of mining, crushing and screening of a 200,000 tonne bulk sample for China.
In May this year, Sherwin signed an off-take agreement for the sale of 200,000 tonne bulk sample of its direct shipping ore extracted from its Roper River tenement, with one of the top three iron ore traders in China (un-named) before planned full production in late 2013.
The high grade JORC resource for the Sherwin Creek C Deposit is 18.4 million tonnes at 58.3% iron, which is mostly in the Indicated category.
The first truck load is expected to leave the mine site for Darwin Port later this week, with the initial overseas shipment by Panamax freighter is due to take place by mid-August.
Advantages with the deal includes demonstrating Sherwin’s commitment to a long term mining operation, while testing the company's product in Chinese mills - while establishing working relationships with Chinese producers.
The agreement will enable Sherwin to appropriately test all aspects of the proposed mining, crushing and transport of ore from Area C, prior to planned commencement of full production in November 2013, subject to regulatory approvals.
This opportunity has the potential to be just the beginning for Sherwin, as the company holds additional exploration licences that are prospective for direct shipping ore, especially at Mt Scott and Yumanji.
Earlier in the year successful permitting and infrastructure agreements negotiated in recent months to facilitate early production included an agreement secured with Traditional Owners, and a heads of agreement for use of Darwin port facilities and Rail transport options.
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