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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Land Title
The Buena Vista magnetite project contains mineral rights over approximately four square miles secured through lease agreements on 45 patented mining claims (covering 808.7 acres) and former railroad fee title land (525.8 acres). Included within the four square miles of mineral rights are also 70 unpatented mining claims on Federal land.
Full surface rights are included as part of the lease agreements over the patented mining claims.
The patented claims and fee title land are subject to royalties to the beneficial owners, the former with RGGS Land and Minerals Ltd, LP (RGGS) and the latter with Nevada Land and Resource Company, LLC (NLRC).
On 22 June 2011, Richmond Mining announced that Nevada Iron had acquired the surface rights to the Section 5 patented land claim that comprises some 525.75 acres.
The acquisition of the Section 5 surface rights provides Nevada Iron with full surface rights to the land that will house all of Buena Vista’s proposed production facilities, plant, workshops, stockpiles and the tailings dam.