Lincoln Minerals Limited has regained 100% ownership of its flagship South Australian Gum Flat iron ore project on southern Eyre Peninsula, less than 20km from the port of Port Lincoln, after buying back a 40% stake.
Lincoln entered into a joint venture with Indian iron ore miner Mineral Enterprises and its subsidiary Mineral Enterprises Australia (MEA) in December 2007, to jointly develop the project. Mineral Enterprises earned its 40% stake in the project by spending in excess of Aus$2.5M on exploration.
During the JV period, MEA also funded drilling programmes, which led to the definition of magnetite and haematite iron-ore inferred resources.
Lincoln will now undertake a scoping study on mining, beneficiation and transport options for the Gum Flat project. The scoping study is scheduled for completion by the end of June this year, while the project is scheduled for commissioning during 2012.
Previous resource definition at the Gum Flat project has defined 55 mt of magnetite iron-ore inferred resource and 0.6 mt hematite direct shipping ore inferred resource, within an exploration target of between 125 mt and 210 mt iron-ore.
To find out more about Bulk Materials International:
