Australasian Resources announced that the Western Australian Minister for Environment and Youth has approved the Balmoral South Iron Ore Project, and released amended Ministerial Conditions for the implementation of the Project.
Australasian Resources announced that the company released the Environmental Protection Authority’s Report and Recommendations (the EPA Report) for the Balmoral South project in Western Australi. The EPA Report confirms that following this extensive public and government review, the project can be managed to meet the EPA’s environmental objectives, and recommends that the Minister for Environment set Conditions allowing for the Project to proceed.
Australasian Resources Ltd advises that it has been unsuccessful in finalising negotiations with entities associated with Shougang Corporation under the terms of the Susan Palmer Deposit Project Agreement (“SPDPA”), and this agreement has now been terminated. Under the original SPDPA signed in March 2007, which covers the joint development of Balmoral South Project in the Pilbara region of Western Australia, Shougang had exclusive rights to deliver a Finance Offer to Australasian’s wholly owned subsidiary International Minerals Pty Ltd, which would provide the necessary funding to implement the development of the Project.
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