Australian miner NT Bullion hails its first shipment of iron ore after a six-year stretch that departed Northern Territory’s Port of Darwin this week and is destined for SE Asia consumers.
The iron ore cargo consists of 30,000mt to be shipped from the mine it operates in Frances Creek, which handles 2mn mt of yearly exports and plans to expand up to 1mn mt per annum. The mine shut down in 2015 on lowered iron ore prices.
The restart comes on the heels of economic recovery in the Territory and current rising iron ore prices that have been between $206-220/mt cfr China since mid-June.
State authorities approved Frances Creek’s Mining Management Plan in Mar 2020 so that the remaining ore supply could be processed.