GINDALBIE METALS WINS ENVIRO LEGAL CHALLENGE FOR W.AUST MINE
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GDBGF | Quote | Chart | News | PowerRating -- Gindalbie Metals Ltd (ASX:GBG)
has won a challenge against Western Australia's (WA)
Environmental Protection Authority (EPA) that should allow it
to mine parts of its Karara iron ore project that the regulator
wanted excluded.
The EPA last month advised WA Environment Minister, Donna
Faragher, that the Karara project area at Mungada, about 260km
east of Geraldton, should be a nature reserve.
But the parties compromised on Friday, with Gindalbie making
good on its offer to relinquish tenements covering the
environmentally significant Mungada Ridge and Ms Faragher
rejecting the EPA's call to exclude the Terapod deposit.
Gindalbie had argued the Terapod deposit was an integral
part of the two million tonne per annum start-up phase of the
Karara project, which will focus on mining hematite iron ore,
to be followed by mining magnetite iron ore.
"It (Mungada Ridge) is a visually attractive ridge and it
was a compromise," Gindalbie chairman George Jones told AAP on
Friday from Hong Kong after attending an Australia China
Business Council function in Beijing.
"We have a lot of other areas as well.
"I'm sure that the right outcome has been achieved."
Mr Jones said he was confident the mine proposal would
receive final ministerial approval.
Shares in Gindalbie rose seven cents, or 9.09 per cent, to
84 cents on Friday.
Gindalbie aims to begin constructing the mine in the
December quarter and be in production by mid-2011.
It will commence exports from Geraldton Port, where the
company has capacity to ship up to 16 million tonnes of the
bulk commodity, Mr Jones said.
Thereafter, it plans to use the planned Oakajee port near
Geraldton, which could be ready by 2013.
Separately, Mr Jones said he did not believe the furore
surrounding the detention of Rio Tinto Ltd's Shanghai based
iron ore executive Stern Hu and three other staff on suspicion
of industrial espionage had caused long-term damage to
bilateral trade relationships.
"It's very unfortunate that it has happened," Mr Jones
said.
"I have a lot of respect for Rio and don't believe that
their processes allow for illegal activity.
"Did anything happen? I don't know.
"I think we must respect China and I think they should be
allowed to complete their investigations.
"In any case, I don't believe that this will have a serious
affect on the relationship between Australia and China.
"They have shown a lot of interest in Australia ... and are
going to be investing big time there."
(AAP) rw
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