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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Location & Infrastructure
The Buena Vista project is located in western Nevada, around 450km northeast of San Francisco.
Access to the project area is via Interstate 80 to Lovelock (around 107km east of Reno) and then 38km from Lovelock via Interstate 80 and Coal Canyon road, which is a bitumen road for the majority of the distance.
A rail head is located at Lovelock and the Southern Pacific railway that parallels’ Interstate 80 connects to four ports in the San Francisco region.
It is proposed to construct a rail siding at Colado which is at the junction of Coal Canyon Road and Interstate 80. Concentrate will be transported from the mine site to this siding by slurry pipe, dewatered and then trained to the ports.
Grid power is available within 10 km of the site and it is proposed to utilise grid power for all of the proposed operations energy requirements.
Sufficient water has been sourced from ground water aquifers located in the North Carson Sink, 2 miles southwest of the mine site. A total of five wells will be drilled to provide all the water requirements at the mine site.
An application was made to the Nevada Department of Conservation and Natural Resources (Division of Water Resources) for 1,750 acre feet per year, equivalent to 2,159,000 m3 per year, which has been granted for the life of the mine. The water will be pumped some 3.8 km from the bore field to the beneficiation plant.
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| Proposed Rail Siding Site – Colado | Coal Canyon Road |