Aquila Resources to develop WA iron ore project

July 13th (Steel Guru) – It is reported that Australia’s Aquila Resources Ltd and its 50:50 JV have approved a drilling plan, which expects to cost USD 84.4 million to complete a final feasibility study on the Western Pilbara iron ore project.

They plan to set up a direct ship to transport the output 30 million tonnes annually. The drilling is also helpful increasing the resources from 493 million tonnes in March.

As the global iron ore new contract price is surged by near 100% in earlier days, the drilling plan would help increasing the annual output from initial 30 million tonnes to 45 million tonnes.