Macarthur Minerals (TSX-V:MMS, StockForum), an Australian-based resource development company operating at the Ularring Hermatite Project in Western Australia, announced today that the Esperance Port Authority received two development proposals from shortlisted developers, Qube Bulk Pty/Brookfield Infrastructure and the Yilgarn Esperance Solution consortium, for the construction of a Multi User Iron Ore Facility at the Port of Esperance.
The request for proposal phase of the intended facility is complete and now the evaluation process has begun, with the chosen candidate being announced by the end of Q1 2014.
According to the news release, “After the selection of a preferred proponent, construction is expected to commence in 2014 and be completed in 2015 subject to the successful proponent achieving financial close and project contractual close.”
Alan Phillips, chairman and CEO of Macarthur Minerals, commented, “Macarthur has gone as far as possible in its project development without clarity around port access and the appointment of a preferred developer of the MUIOF in 2014 will allow for the Company to move forward on financing, partner contracting (based on the registration of interest process) and off-take commitment.”
Phillips went on to explain, “The slowdown in the mining sector in Australia has placed pressure on mining, processing, construction and transport pricing which has had an effect of reducing some of the cash costs that were be used in the Ularring Hematite Project's pre-feasibility study. The Company is currently working on an updated economic statement that outlines these developments.”
Macarthur Minerals was in the news recently when the company received environmental approval for their Ularring Hematite project.
Shares climbed 13.04% on the news to $0.13 per share.
Currently there are 44,820,630 shares outstanding with a market cap of $5.83 million.