US iron ore – global expertise
Richmond Mining is focused on the development of the Company’s 100% owned Buena Vista magnetite project. Located in the mining friendly state of Nevada in the United States the project offers investors a low risk entry into an emerging steel mill feedstock.
The United States provides mining companies with well situated and established infrastructure with road, rail and port facilities all in place. For Buena Vista, this established infrastructure reduces the development costs by well in excess of a billion dollars and significantly shortens the time taken to get the project into production.
Richmond has already completed the definitive feasibility study and is now engaged in discussions with banks and other potential providers of finance for the development of Buena Vista. In conjunction with an active programme to secure the remaining mining and environmental permits Richmond anticipates that production will commence within 12-15 months of the securing of final finance. At this stage the first half of calendar 2013 is the targeted date for the commencement of production.
Inclusive to the many advantages inherent in BuenaVista are the low capital cost, the very low risk political environment, the cash costs which are equivalent to or better than the majority of emerging magnetite producers and the relatively short time to production. The project also represents a much lower operational risk than most emerging producers because of the proposed scale of production.
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Company Introduction
Richmond Mining Limited (ASX Code: RHM) is an Australian based resource company focused on the exploration, discovery and development of multi commodity resources.
The Company’s prime project is Buena Vista, which is located in Nevada in the United States. Based on a positive definitive feasibility study completed in late May 2011, the project has established JORC magnetite resources and reserves from which an average of 1.75 million wet tonnes per year of high grade magnetite concentrate will be produced for an initial mine life of 10 years.
Richmond’s other exploration project are Narracoota where DeGrussa type electrical conductive targets are being explored for Cu-Au and Loongana where a large mafic-ultramafic intrusion has the potential to host nickel sulphide mineralisation.