Overview
| Stage | Construction |
| Mine Type | Open Pit |
| Commodities |
|
| Mining Method |
|
| Production Start | ...  |
| Mine Life | 30 years (as of Jan 1, 2022) |
Onslow Iron Project (formerly known as the Ashburton project) will be one of the largest iron ore developments undertaken in Western Australia.
Stage 1 of the Onslow Iron Project will consist of the Red Hill Iron Ore Joint Venture (RHIOJV) tenements.
August 29, 2022, Early works are underway as part of the development phase, with all equipment expected on site by June 2023 and first ore on ship targeted as early as December 2023. |
Source:
p. 1,2
The Onslow Iron Project is owned through an unincorporated joint venture between Mineral Resources (MinRes), who will manage the project, Baowu, AMCI and POSCO.
On August 29, 2022, the Red Hill Iron Joint Venture (RHIOJV) parties have made an unconditional Final Investment Decision to develop the RHIOJV iron ore assets as part of MinRes’ Ashburton Hub Development - Onslow Iron Project and have executed a Binding Project Development Term Sheet. The RHIOJV is currently held 40% by MinRes and 60% by API Management Pty Ltd (APIM) on behalf of the parties to the Australia Premium Iron Joint Venture (APIJV), Aquila Steel Pty Ltd and AMCI (IO) Pty Ltd.
The APIJV is held 50-50 by Aquila Steel Pty Ltd (50%) and AMCI (IO) Pty Ltd (50%). Aquila Steel is a wholly owned subsidiary of Aquila Resources Pty Ltd which is owned 85% by Baosteel and 15% by MRL, while AMCI (IO) is owned 51% by AMCI and 49% by POSCO.
Contractors
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Summary:
The Onslow Iron Project is located 150 km east of Onslow in the West Pilbara region of Western Australia. Onslow Iron will be one of the largest iron ore developments undertaken in Western Australia.
Stage 1 of the Onslow Iron Project will consist of the Red Hill Iron Ore Joint Venture (RHIOJV) tenements which host Mineral Resources of 820Mt and 537Mt in Ore Reserves.
RHIOJV is an integral part of West Pilbara Iron Ore Project.
The West Pilbara Iron Ore Project (WPIOP) mineral resource is predominately comprised of hematitic and goethitic Channel Iron Deposit (CID) mineralisation. Deposits occur as partly buried palaeochannels, originating from ancient river systems draining away from the Hamersley Ranges. These ancient river systems were filled with iron rich material which cemented together to form an iron-rich deposit resistant to erosion. Most of the WPIOP deposits are mesaform CID’s (Type I) shaped due to the weathering and erosion of the surrounding basement rocks therefore exposing the palaeochannel deposits over time. Two of the CID deposits, Buckland Hills and Red Hill Creek, occur in the upper parts of the palaeochannel systems they occupy and are valley constrained deposits (Type II). Distance from source, iron material type, ancient river setting and current conditions, including exposure to water, determine the grade of the CID.
Summary:
It has been assumed that the traditional open cut mining method of drill, blast, load and haul will be used.
MinRes will provide life-of-mine mining services to the project under crushing and mine to ship agreements. MinRes will deploy its innovative and proprietary suite of mining services assets including NextGen crushers, autonomous 320 tonne jumbo road trains and 20,000 tonne transhippers.
Source:
Summary:
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Projected Production:
| Commodity | Units | Avg. Annual |
|
Iron
|
Mt
| 30 |
All production numbers are expressed as ore.
Operational Metrics:
| Metrics | |
|
Stripping / waste ratio
| ...... |
|
Annual production capacity
| ...... |
* According to 2022 study.
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Reserves at January 30, 2020:
Mineral Resource Estimates - 52% Fe Block Cut-Off Grade.
| Category | Tonnage | Commodity | Grade |
|
Proven
|
208 Mt
|
Iron
|
57.7 %
|
|
Probable
|
329 Mt
|
Iron
|
57 %
|
|
Proven & Probable
|
537 Mt
|
Iron
|
57.2 %
|
|
Measured
|
263.5 Mt
|
Iron
|
57.17 %
|
|
Indicated
|
452.3 Mt
|
Iron
|
56.3 %
|
|
Inferred
|
104.2 Mt
|
Iron
|
55.19 %
|
|
Total Resource
|
820 Mt
|
Iron
|
56.44 %
|
Operating Costs:
| | Units | 2022 |
|
Total operating costs ($/t milled)
|
AUD
| 32.2 * |
* According to 2022 study.
2022 Study Costs and Valuation Metrics :
| Metrics | Units | LOM Total |
|
Total CapEx
|
$M AUD
|
......
|
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