A big milestone has been reached for MinRes Onslow Iron project, with a positive final investment decision taken by all joint venture partners.
The project is located 150 kilometres east of Onslow in the West Pilbara region of Western Australia and is owned through an unincorporated joint venture between MinRes, who will manage the project, Baowu, AMCI and POSCO.
Onslow Iron will be one of the largest iron ore projects undertaken in Western Australia, unlocking stranded deposits that would otherwise remain undeveloped.
It’s a flagship iron ore project for MinRes as we transition to low cost, long life operations with compelling project economics through commodity price cycles.
Our Managing Director, Chris Ellison, said he was delighted the project had achieved FID.
“Achieving FID from all joint venture partners is a testimony to the Project’s credentials and demonstrates the high level of confidence all parties have in this project, which is set to redefine mining in Western Australia.
“Onslow Iron introduces a low-cost, long-life and low-risk operation to MinRes’ iron ore portfolio, along with the largest mining services contract in Australia. The successful delivery of the project is underpinned by MinRes’ mining services innovations, which make the project economics compelling through commodity price cycles and allow us to future proof the business against low iron ore prices.”