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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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