Polaris secures north-west iron ore project
A junior mining exploration company plans to compete with the big players after buying a $5.5 million iron ore portfolio.
Under the deal, Polaris Metals will acquire Heron’s Western Australian iron ore project.
It consists of 50 tenements covering 4,000 square kilometres, including the Poondano project about 25 kilometres from Port Hedland in north-west WA.
Polaris managing director Kevin Schultz says the deal is a major step in the company’s goal of focusing on the iron ore industry.
“We would gear our focus on Poondano and I believe there is between five and 15 million tonnes of direct shipping iron ore to be proved up and sold through the port of Port Hedland,” he said.
© 2006 ABC
