Spinifex_Ridge

Spinifex Ridge mine

Spinifex Ridge mine

Iron ore mine in Western Australia

Spinifex Ridgem mine is an inactive iron ore mine in the Pilbara region of Australia,[1][2] northeast of Marble Bar.

Quick Facts Location, State ...

Overview

Moly Mines awarded production contracts to BGC Contracting in August 2010. Initially, there were plans for an open-pit molybdenum/copper mine producing 20 million tonnes (44 billion pounds) per year;[3] With changes in the price of molybdenum, this was downsized to 10 million tonnes (22 billion pounds) per year.

Port facilities at Port Hedland were commissioned in September 2010[4]

Iron ore mining began in November 2010;[5][6][7] ramping up to a throughput of 1 million tonnes (2.2 billion pounds) per year.[8]

The mine had been the subject of a legal dispute during and after the final stages of production. Moly Mines had conducted a mine gate sales agreement with Mineral Resources Limited, under which the latter paid A$35 million in advance for an expected 2.4 million tonnes of iron ore from the mine. Concluded in 2013, the deal was to extend to the completion of mining at Spinifex Ridge, with a final payment in the range of A$3 million due upon this. As part of this agreement, Moly Mines accepted that it could potentially owe money to Mineral Resources, depending on the amount and quality of the ore mined. In November 2015, an expert adviser concluded that Moly Mining owned Mineral Resources for $4.2 million, a sum the former disputed. Subsequently, Mineral Resources launched legal action in the Western Australian Supreme Court on December 24, 2015, claiming A$4.9 million. At the time, Moly Mines had A$72.7 million in cash available to invest in another project.[9] The dispute was eventually settled in August 2017 in favour of Moly Mines.[10]

As of 2022, the mine is placed in care and maintenance, having operated from 2010 to 2014,[11] and being owned by the former Moly Mines, renamed Young Australian Mines in 2018.[12]

A separate molybdenum/copper project nearby, also owned by Young Australian Mines, remains undeveloped.[11]

References

  1. [1]
    "Mining Journal - Spinifex gets Chinese finance approval". 12 December 2010. Retrieved 12 December 2010.
  2. [2]
    "Moly Mines to start Spinifex Ridge iron-ore shipments in Dec". 12 December 2010. Retrieved 12 December 2010.
  3. [3]
    "MOLYBDENUM - Design phase at Spinifex Ridge". 12 December 2010. Retrieved 12 December 2010.
  4. [4]
    "Steel Guru : Moly Mines financing update on Spinifex Ridge Molybdenum Project - 166889 - 2010-09-24". 12 December 2010. Retrieved 12 December 2010.
  5. [5]
    "IRON ORE MINING COMMENCES AT SPINIFEX RIDGE" (PDF). 24 November 2010. Retrieved 12 December 2010.
  6. [6]
    "Moly Mines starts production at Spinifex Ridge". 12 December 2010. Retrieved 12 December 2010.
  7. [7]
    "Mining Journal - Spinifex Ridge start". 12 December 2010. Retrieved 12 December 2010.
  8. [8]
    "Spinifex Ridge Mining Property in Australia, Western Australia". PropertyMine. 12 December 2010. Retrieved 12 December 2010.
  9. [9]
    Evans, Nick (29 December 2015). "MinRes in legal claim against Moly". The West Australian. Perth. Retrieved 15 May 2022.
  10. [10]
    "FINALISATION OF ARBITRATION" (PDF). Moly Mines. 17 August 2017. Retrieved 15 May 2022.
  11. [11]
    "Young Australian Mines - About us". Young Australian Mines. Retrieved 15 May 2022.
  12. [12]
    "Spinifex Ridge". Young Australian Mines. Retrieved 15 May 2022.
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