Macarthur Minerals, an Australian company for iron ore, gold and lithium exploration and development, reported to its shareholders on the progress of the Lake Giles Iron Ore Project in the second quarter of 2019.

In the second quarter of 2019, Macarthur Minerals completed the preliminary economic assessment (PEA) for the Lake Giles Iron Ore Project, signed a 10-year off-take agreement with Glencore, and negotiated a rail transportation contract with Aurizon.

The Lake Giles Iron Ore Project, located in the Yilgarn Region of Western Australia, included 80 million tons of hematite resources and 710 million tons of magnetite resources.

According to the PEA, the Ularring Hematite Project and Moonshine Magnetite Project would be integrated into a single integrated project, resulting in significant cost savings and efficiency increased.

The life of the mine was 31 years, the annual output of iron ore could reach 2.5-3.4 million tons, and the cumulative total sales volume could reach 84 million tons.

The main product was iron ore with iron grade up to 65%, which would be exported through the Esperance Port.