Australian iron miner Grange Resources has pushed back its Tasmanian Savage River magnetite mine expansion timeline because of slumping ore prices, the company announced today.
Construction was scheduled to begin in 2025 with completion set for 2029. But Grange said "[its] current financial position does not support proceeding according to the previous [expansion] timeline." The company does not yet know when it will proceed with the expansion, but will inform investors after making a decision.
The company had expected the Savage River expansion toboost its iron product sales by 2.9mn t/yr to 5.54mn t/yr in 2029, compared with 2.64mn t in the 2023-24 financial year, it said earlier this year. Grange has produced 655,781t of iron pellets at Savage River since January.
Argus-assessed prices for iron ore fines 65pc Fe cfr Qingdao fell to $115.50/t on 18 December from $146.02/t a year earlier.
