Mining deal to bring in significant foreign exchange earnings

Foreign exchange earnings from the mineral resource sector is expected to increase significantly as Australian based mining company, Amex Resources has secured a vital part of the export infrastructure for its Ba Delta Project in Fiji.

The Proactive investment website confirmed that the company has negotiated an option and long term lease agreement over a substantial area at Fiji's major bulk shipping port of Lautoka, on the main island of Viti Levu.

It said the tenure allows for stockpiling and export of the company's Ba Delta magnetite iron sands concentrates, and with direct access by barge, has easy access to the deposit located less than 30 kilometres away.

Amex is focusing on completion of the pre-feasibility study and commissioning of a pilot plant to produce product for market evaluation.

The Lease agreement provides for a minimum 45 year term with the Fiji Ports Corporation Limited.

It said the term of the lease reflected the potential mine life based on the size of the current Iron Sands Indicated Resource of 220 million tonnes and the potential exploration target which extends both inland and seaward.

Amex plans to produce and export an initial 750,000 tonnes of magnetite concentrate annually.


Story by: Roneel Lal