August 7, 2008
August 7th (Steel Guru) – BNamericas reported that Australia’s Strike Resources along with Apurímac Ferrum and two other Peruvian partners are planning to launch a 20 million tonnes per annum iron ore mine in Peru in mid 2012.
A recent pre feasibility study on the project in south central Peru’s Apurímac department laid out a USD 2.6 billion CAPEX, 15 year mine life and 20 million tonnes per annum production, making it the largest iron ore mine in Peru.
But before a positive final feasibility study can be carried out for the mine, it must increase the roughly 172 million tonnes of inferred resources grading 62.3% iron ore to at least 300 million tonnes and upgrade the category of mineralization.
Mr Federico Schwalb GM of Apurímac Ferrum said that the study contemplates construction of an open pit, processing plant, a port and a roughly 360 kilometers long pipeline to transport the product from the mine to the port. He added that the companies involved are also considering transporting the product by train.
In addition, the project’s partners are involved in a dispute concerning their respective stakes in the property, but which does not impact Apurímac Ferrum and also is not obstructing the advance of the project.
Strike Resources is also involved with Apurímac Ferrum in a project in Cuzco department, which is at a conceptual stage, although exploration is being carried out. Presently Shougang Hierro Perú, which operates in Ica department, is the country’s only iron ore producer. Shougang sold 7.71 million tonnes of iron ore in 2007 and is planning to double capacity to 16 million tonnes per annum by mid 2010.
June 2, 2008
June 1st (WA Business News) – Strike Resources Ltd has exercised its Options to purchase a 38.5 per cent interest in Peruvian company Apurimac Ferrum S.A. for a total cash sum of over $36.2 million ($US34.5 million).
AF is the 100 per cent owner of the Cuzco and Apurimac iron ore projects in Peru.
From a pre-existing 12.5 per cent direct interest and a 17.15 per cent indirect interest in AF, Strike has now taken its total interest in AF to 68.15 pre cent.
In relation to this matter, it has come to Strike’s attention from D&C Group S.A.C, a shareholder of AF, that it is taking steps to suspend, the effects of the AF Shareholders Agreement as to Strike´s right to exercise the Options.
Based on clear and unequivocal advice from its Peruvian counsel, Strike believes that there is no legal basis for D&C Group’s claim.
Strike regards this action by D&C Group as a commercially opportunistic claim, designed
simply to secure a windfall gain, arising as a consequence of the increase in value of AF as a result of Strike’s good management of AF’s Peruvian iron ore projects.