CuFe Limited (Fe Limited)
CuFe Limited (Fe Limited)
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Australian miner CuFe is maintaining options for expansion when market conditions improve after completing the operational ramp-up of the initial openpit development of the JWD iron ore deposit at Wiluna West in WA.
The small, low-strip ratio development is designed to feed planned 2023 sales at lower costs, to maximise near-term cashflow.
Australian miner CuFe has confirmed well-located high-grade shipping quality iron ore in a maiden 12.7Mt @ 55.4% Fe JORC mineral resource at its 50%-owned Yarram project in the NT’s Batchelor region 110km S of Darwin.
The inferred resource includes a high-grade 5.6Mt @ 60.4% within the higher-grade Kraken deposit. CuFe is assessing sorting options to upgrade the lower-grade material.
West Australian miner CuFe has seen enough in the current level and direction of iron ore prices to restart mining of direct shipping ore at its 60%-owned JWD deposit, part of the Wiluna West project 700km east of Geraldton.
With prices 50% higher than when mining was suspended, exec director Mark Hancock says CuFe’s optimism for pricing through 2023 is supported by relaxed Covid-related restrictions in China and continued strong SE Asian demand.
West Australian company CuFe is continuing close discussions with key contractors on the potential restart of full operations in Jan 2023 at its 60%-owned JWD iron ore mine.
CuFe says it has established the base for a rapid ramp-up at the high-grade direct shipping ore deposit, with key plant retained on site and blasted stock available in the pit. A decision on the restart will rest on continued improvement in iron ore pricing.
West Australian miner CuFe has posted the first shipments of 119,804wmt high-grade lump iron ore from its 60%-owned JWD direct shipping ore mine in the Dec qtr (Q2FY22), taking advantage of rising index prices and lump premiums as well as lower sea freight rates.
The company completed a successful trial of a higher-payload ultra-quad road train to Geraldton as part of a longer-term initiative to reduce transport costs.
The sustained rebound in iron ore prices from their late-2020 declines have encouraged the West Australian operators of two small-volume, high-grade mines to bring them back into mine production.
Firming iron ore prices and decreasing sea freight rates have encouraged West Australian miner CuFe to restart mining of its 60%-owned JWD direct shipping ore project at Wiluna West.
After pausing mining activities in the Dec 2021 qtr to reduce mined ore stock and preserve working capital amid softer prices, exec chairman Tony Sage says CuFe is poised to benefit from stronger prices.
CuFe’s next shipment will load in late Jan for a new customer in SE Asia.
Global trading house Glencore has teamed with Australian miner Fe, signing an exclusive $US7.5M prepayment and offtake agreement for life of mine lumps and fines production from its ramping JWD iron ore DSO project at Wiluna West in WA.
Under the agency-style agreement, Glencore will pay for purchases up-front and work together with Fe to optimise sales through its global distribution network as well as end-users known to Fe.
West Australian iron ore developer Fe is set for an immediate start of ore haulage from its 51%-owned JWD project at Wiluna West after executing access and storage agreements at Geraldton port and finalising its board and JV approvals.
The 12-month port agreement, with two further 12-month options, allows for the export of 800,000tpa of JWD product through Geraldton’s iron ore berth 5.
West Australian iron ore developer Fe has signed an innovative haulage contract with experienced operator David Campbell Transport as it nears first saleable product this week at its 51%-owned JWD project at Wiluna West.
Exec chairman Tony Sage says the contract has a fixed haulage rate for 6 months, then a floating rate based on realised iron ore prices that rewards the contractor in strong markets but protects the miner by reducing costs if markets decline.