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Shree Minerals Ltd. (ASX:SHH) and Tasmanian EPA to continue discussions on Nelson Bay River

Summary

  • SHH is keen on re-commencing the direct shipping ore operations at the Nelson Bay River Iron Ore project in Tasmania.
  • The company plans to involve technical consultants and the EPA to modify its draft in accordance with the EPA comments.
  • The strong iron ore price environment underpins the potential of the NBR project.
  • The iron ore 1-month futures on the Dalian commodity exchange traded at CNY1,291 on 15 June 2021.

Shree Minerals Ltd. (ASX:SHH) announced that the company has received comments from the Tasmanian Environmental Protection Agency (EPA) on the Development Proposal & Environment Management Plan (DPEMP) draft for the Nelson Bay River Iron Project (NBR). The draft was submitted in January 2021.

The company plans to involve technical consultants and the EPA to modify the draft in accordance with the EPA comments. The modified draft will include the requested additional details on the proposed mining operation and the measures by the management at SHH.

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Nelson Bay Iron Project in the Tier-1 mining jurisdiction

The Nelson Bay River Iron project stretches over the mining lease, 3M/2011, northwest of Tasmania and is situated almost 150km from the Burnie port. Pioneering the iron ore Direct Shipping Ore (DSO) operations in the entire region, SHH developed the mining operations in 2013 and the first shipment was sent from the Port of Burnie in January 2014.

The DSO project at Nelson Bay River involves all-contract mining, beneficiation and haulage operations that contributed significantly to the regional economy. The ore requires only crushing and screening with minimal processing. The ores are then trucked and shipped. The NBR project was put on care and maintenance in June 2014 following the sharp decline in the iron ore prices.

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The company had applied for a new environmental permit with the Tasmania EPA to resolve legal issues with the existing permit. Upon public consultation, the EPA issued guidelines for DPEMP draft. SHH has already completed the requisite technical studies and had developed the draft of DPEMP.

Iron ore rally underpins potential at NBR Project

Iron ore prices have significantly improved since mid-2018. The current iron market environment supports the re-commencement of the mining operations at the NBR project. SHH has been advancing towards the re-permitting of the mining project and plans to recommence the DSO operations at the existing open pit.

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Iron ore 1-month future price at the Dalian commodity exchange Source: Eikon Refinitiv

On 15 June 2021, the iron ore 1-month futures on the Dalian commodity exchange traded at CNY1,291. The Iron ore futures had surged to CNY1,400.5 a tonne for the first time in history on 11 May 2021.

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SHH is committed to generate value for its shareholders and will share the subsequent updates on the iron ore project in due course.

SHH closed at AU$0.013 a share on 15 June 2021 with a market capitalization of AU$14.88 million.


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