The South Australian Government has granted Iron Road a mining lease and development approval for its mining & infrastructure projects on the Eyre Peninsula, however so far they have not secured funding for the project.
If Iron Road meets the approvals conditions, the Central Eyre Iron Project will become Australia’s largest magnetite mine, producing 21.5 million tonnes each year. China Railway Group has already entered into an agreement with Iron Road to take 10 million tonnes of ore from the project each year.
The Central Eyre Iron Project will support up to 2000 jobs during construction and 700 positions during the mine’s 25 year lifespan. The mine will be located near Wudinna while the port will be near Cape Hardy, to the east of Tumpy Bay. Along with the mine, the development includes a 145 km rail link and deep-water port.
Iron Road managing director Andrew Stocks identified that the company had two remaining permits to obtain, but the main focus was now focussed on raising the required funds to build the project. Stocks set out a timeline of finalising the funding in the next 9 months and beginning construction in the first half of 2018.