Moly Mines has resumed iron ore shipments from Spinifex Ridge after the bad weather had forced all operations to stop. It said that a ship with 64,472 wet metric tonnes of iron ore with a 59% iron grading has set sail for China.
This would be one of the first shipments of ore from the Pilbara region in Australia after the adverse weather conditions disrupted operations.
A cyclone in the Western Australia coastal region had forced closure of the ports in the area earlier this week. The cyclone only added to the woes created by the heavy rain and flooding in the area earlier this year. However Moly Mines seems to be unaffected.
The company said that the production rate at the mining project is now expected to reach 1 million tonnes per annum by the second quarter. This is much before the earlier planned date of July 2011. The company said that the ramp up expectations at Spinifex Ridge had exceeded expectations making this a possibility.
Moly Mines hopes to produce 820,000 tonnes of iron ore at an average cost of Australian $ 60- 70 per tonne for the current year. Monthly iron ore shipments have already been scheduled for the rest of 2011. About 80,000 tonnes will be shipped out monthly come April. The company also hopes to get the second half of its loan facility from the China Export and Import Bank this month. It has already received $ 250 million from the China Development Bank last month.