Gindalbie Metals Limited
(ASX:GBG) has delivered maiden magnetite concentrate production from its Karara Iron Ore Project in Western Australia.
The mining company says the milestone signals the start of a forecast six-month ramp-up phase towards a targeted annualised production rate of 8 million tonnes per annum.
The first fully commercial shipment of magnetite concentrate is expected to become available around the end of this year.
Gindalbie’s Managing Director says production has been achieved within the capital cost budget and largely within the timeframe set more than one year ago.
The Karara Iron Ore Project is a 50:50 joint venture between Gindalbie and Chinese steel producer Ansteel, who are also Gindalbie’s largest shareholder.
Gindalbie Metals booked a net loss of $27 million loss in the 2012 financial year.
