Overview
The
principal assets of the Group are four iron ore projects that it is either
developing or operating on its
own
or through joint ventures. The Group also has investments in other iron ore and
coal development opportunities in order to build its project pipeline to
provide sustainable growth in the future. The Group’s principal assets range
from late stage exploration projects, through a brownfield site to an under optimised
producing mine, all of which the Company intends to develop to be efficient
producing mines. The Group focuses its activities on deliverable iron ore projects,
where the key features are scaleable production, financing opportunities and a
clear route to market.
The
Group’s principal assets are:
•
100% of the lease over the Marampa mine in Sierra Leone
–
a near term hematite iron ore development project
–
the Company is currently undertaking final process design and engineering work
–
the Company is in the process of confirming resource to JORC standard
•
50% interest in SLI, a joint venture with National Mining Company of Saudi
Arabia to develop the Wadi Sawawin deposit in Saudi Arabia
–
a jaspilitic hematite iron ore project for which the Company is currently
undertaking a Bankable Feasibility Study
–
NMC owns the exploitation and exploration licences for the Wadi Sawawin
deposits and has agreed to transfer these to SLI
–
the Company is in the process of confirming the Wadi Sawawin resource to JORC
standard 12
•
100% of the licence for the Isua deposit in Greenland
–
a magnetite iron ore deposit
–
the Company is currently undertaking a pre-feasibility study
–
Isua has 507Mt of resources to JORC standard
•
50% interest in CGMR BVI, a joint venture with Wits Basin, which owns 100% of
the Xiaonanshan mine and Sudan plant in China
–
a producing magnetite iron ore mine and processing plant
–
a drilling programme is planned to confirm resource to JORC standard
All
of the Group’s principal iron ore assets have an ore body and logistics
solution which allow for
production
to be initiated and/or expanded in phases. The Directors believe that the total
iron ore
concentrate
production capacity of these projects (on a 100% basis) has the potential to
rise from
0.4Mtpa
in 2009 to 14Mtpa in 2014 and to in excess of 20Mtpa in 2018:
•
Sierra Leone – sinter feed : 1.5Mtpa in 2011 to in excess of 3Mtpa in 2013
•
Saudi Arabia – DR pellets : 5Mtpa in 2013 to 10Mtpa in 2017
•
Greenland – DR pellet feed : 5Mtpa in 2014 to 10Mtpa in 2018
•
China – magnetite concentrate : 0.4Mtpa in 2009 to 1Mtpa in 2011
(Source:
Company estimates)
The
Company also has a number of investments in other iron ore and coal development
opportunities:
•
a 20% interest in ICC, a Colombian coal exploration and development company
•
a 39% interest in DMC Coal and a contractual right to a 28% interest in DMC, a
South African holding company with interests on various coal and iron ore
exploration and development companies
•
a USD2 million loan to assist funding the exploration oof a Chilean iron ore
project
• a 55% interest
in a small Mexican iron ore project
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