Elmore Limited (ASX:ELE) achieves the major milestone of loading first ore from the 100% owned the Peko magnetite, copper, cobalt, gold and bismuth project in Australia’s Northern Territory.
Loading the first shipment of magnetite from Peko is another significant milestone for both Elmore and the Peko project,” Managing Director, David Mendelawitz, said.
“It represents the end of the first chapter of the Peko story for Elmore and the beginning of the company’s path as business focussed on cash generation. Everyone involved in preparing for this ship has been on a steep learning curve, from optimising the plant and loading the trains, through to building the stockpile in the port shed.
“These invaluable lessons will move Elmore forward with the confidence that the infrastructure and the Peko project can deliver what we have set out to achieve.”
First Ore on Ship
Elmore, through the stevedoring provided by Linx at the Port of Darwin, has begun loading the first ship of Magnetite product from Peko. The product has been purchased under the previously announced Ore Sales (offtake) Agreement by Royal Advance (HK) will be shipped to China.
Elmore plans to load approximately 25,000 tonnes of product into this ship.
The Company plans that future shipments will carry around 30,000 tonnes per vessel and is aiming to achieve a vessel approximately once per month once the ramp up is completed – targeted to be achieved by Q1 CY 2023.
The final steps to achieve the target are primarily ramping up of rail manning and completion of spare parts/redundancy inventory on site to stabilise production.