Mount Gibson Iron has decided to restart operations on its Koolan Island iron ore mine in Kimberley and it is expected to create up to 395 new jobs. The mining company has estimated that pumping out the seawater and rebuilding the seawall of the open pit will cost approximately $97 million.
According to Mount Gibson, the project is economically viable and a safe proposition which was confirmed by a feasibility study on the mine.
Rebuilding the seawall, pit dewatering as well as all other works associated with restarting operations are expected to take up to 24 months to complete. The project is expected to create about 80 construction jobs and 315 jobs once the mine is fully operational.
Mount Gibson’s decision to restart operations came after two years of extensive work which helped identify and confirm a safe as well as effective design and construction method for rebuilding the main open pit’s seawall.
“Coming shortly after extending the life of our Mid-West operations, the redevelopment of Koolan Island also re-establishes Mount Gibson’s status as one of Australia’s premier high-grade producers at a time of rapidly growing demand for premium quality iron ore products.
“Importantly, it also provides a long-term platform for further value creation,” said Mount Gibson Chief Executive Jim Beyer.
The company is targeting first ore sales from Koolan Island in early 2019.
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Source: The West Australian