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Magnetite mine on the Eyre Peninsula gets approval


Iron Road has received a mining lease and development approval for a $4.5 billion project set to create nearly 2000 jobs during construction and 700 jobs over the 25-year life of the mine.

If the company meets the conditions of the approval the Central Eyre Iron Project will be Australia’s largest magnetite mine, estimated to produce 21.5 million tonne each year.

The project will include the construction of a new 145 km rail link and deep-water port at Cape Hardy, near Tumby Bay which will also be used to export other goods from the region, such as grain.

The rigorous development assessment process considered a wide range of environmental, social and economic impacts on local residents and businesses.

The assessment resulted in 127 conditions that Iron Road will have to meet to proceed with the project, including the resolution of land access issues, continuous monitoring and public reporting of dust emissions and noise and taking measures to prevent any loss of agricultural productivity from surrounding properties.

Iron Road Managing Director Andrew Stocks said the Mining Lease and Development Authorisation recognises the detailed exploration work, feasibility studies and impact assessments undertaken by Iron Road over the past nine years.

“Iron Road will continue its engagement work with all stakeholders, prepare its secondary approval applications and continue working with strategic partner China Railway Group towards reaching a Final Investment Decision and achieving financial close,” said Mr Stocks.

Iron Road is seeking to secure the remaining financing for the project by December 2017.

Image Caption: Iron Road is looking to create Australia’s largest magnetite mine.

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