Please click here to view BC Iron’s latest investor presentation.
About BC Iron Limited
BC Iron (ASX: BCI) is an iron ore development and mining company with key assets in the Pilbara region of Western Australia. The Company’s core focus is the Nullagine Iron Ore Project (NJV), an unincorporated 75/25 joint venture with Fortescue Metals Group Limited. The NJV uses Fortescue’s infrastructure at Christmas Creek, 50km south of the Nullagine mine, to rail its ore to Port Hedland from where it is shipped directly to customers overseas.
BC Iron has had outstanding success since listing in December 2006. Iron ore exports commenced in February 2011 and since then, the NJV has exported approximately 7.6Mt of iron ore. As of May 2012, the NJV is operating at a production rate of 5Mtpa and is expected to reach a nameplate production rate of 6Mtpa during Q4 FY2013.
In December 2012, BC Iron announced that it had entered into an agreement to increase its interest in the NJV from 50% to 75% (effective from 1 January 2013) while also reaching agreement with Fortescue to increase the available infrastructure capacity and hence production of the NJV to 6Mtpa with BC Iron’s attributable production being 4.5Mtpa.
In August 2012, BC Iron entered into an Iron Ore Strategic Alliance with Cleveland Mining to acquire and co-develop new iron ore projects in Brazil. Under the terms of this 50:50 Joint Venture, BC Iron acquired a 5% equity stake in Cleveland Mining.
The Company is now set to move into the next phase of development through measured consideration of business development opportunities.