Macarthur’s Lake Giles Moonshine project is notable for its massive 1.3-billion-tonne resource and high-grade magnetite concentrate potential. The company believes its project can produce a premium “green ore” concentrate of around a staggering 70 per cent iron for a mine life of some 25 years.
The company believes its Moonshine project compares favourably with several other magnetite projects around the world. It cites comparisons with Champion Iron’s magnetite project in Canada, based on a completed 2022 feasibility study on Moonshine relative to Champion’s 2024 pre-feasibility.
Macarthur also recently successfully executed a royalty deal over its Ularring hematite project, immediately next door at Lake Giles, with West Perth-based iron ore exporter Gold Valley Yilgarn.
The deal included $750,000 of payments already received and a royalty for every tonne of ore extracted from the project. The royalty could potentially generate $89 million for the company, which can be directed to developing Moonshine.
The royalty deal will net Macarthur $10m for the first 2 million tonnes of ore Gold Valley ships to the Esperance port from the 80.5mt project and a $1 royalty for all subsequent tonnes mined for the life of the mine.
With Jones at the helm of its deal-making efforts and key infrastructure already in place, Macarthur is setting itself up to court a potentially cashed-up partner to take it forward and, hopefully, join the ranks of some of WA’s magnetite giants.
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