Moly Mines (TSX,ASX:MOL) owned Spinifex Ridge has commenced production. The mine is located 50 km north east of the Marble Bar in the Pilbara region of Western Australia. The crushing and screening processing plant has been completed and commercial iron ore production has now begun.
Spinifex Ridge. Image Credit: Moly Mines
The plant is currently running one shift and producing 3,000 tonnes of iron ore product each day. This would give a million tonnes in the year. The transportation of the iron ore product by trucks to Port Hedland has also begun. Approximately 5,000 tonnes have already been transported to Utah Point port facility.
The Managing Director and Chief Executive Officer of Moly Mines, Dr Derek Fisher said that first commercial mine production is a momentous occasion for any mining company, and this is certainly the case for them. He also said that considering the parlous state of the Company in 2008 during the GFC, the rapid commercialization of the small, but potentially very profitable, iron ore deposit is a great complement to the skill and dedication of the technical team and management. It augurs well for the development of the molybdenum mine.
The Toronto based Canadian company, Moly Mines is currently targeting a conservatively small first shipment of 50,000 to 60,000 million tonnes to test the systems both at Port Hedland and in China, which is expected to occur in December this year.