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FairStar Resources (ASX:FAS) will spend $300 million to build a mining operation at its Steeple Hill iron ore project in Western Australia.
The company, which made the announcement on Monday, plans to recover alluvial iron ore deposits in phase one of the project, followed by a drill and blast operation for hard rock hematite in phase two and the recovery of magnetite in phase three.
The company says it will not seek joint venture partners.
The funding, obtained from international lenders, is contingent on FairStar signing a native title agreement, obtaining a mining lease over the Steeple Hill tenement and continuing to negotiate a successful off-take agreement.
“The boad and I are committed to transitioning [Steeple Hill] to production as soon as possible and we will update the market on progress to secure the necessary approvals,” said managing director Kevin Robertson.
“The overriding priority has been to ensure that FairStar shareholders maintain absolute control over the company and project to maximize returns.”
The project is located approximately 100km east of Kalgoorlie and is close to rail lines. FairStar believes the project has the potential to produce direct shipping ore with grades greater than 60% iron.
