Melbourne (Platts)--26Nov2012/1130 pm EST/430 GMT

Australia's Gindalbie Metals is continuing the ramp up of its 50% owned Karara iron ore project, completing the loading of its tenth shipment of hematite direct shipping ore at the project's export terminal at Geraldton, the company said Tuesday.

In less than six weeks since the export terminal began operating, iron ore shipments have totaled around 580,000 mt.

Gindalbie expects to begin magnetite shipments through the terminal by late December 2012 or early January 2013, the company said. Until this begins, Gindalbie will be using the terminal for its hematite DSO shipments, with the volumes coming from stocks totaling around 1.5 million mt, supplemented by ongoing production.

Article continues below...

Sign up to Metals Daily
	Platts Metals Daily offers prices, news and analysis for the aluminum, copper and molybdenum value chains. It contains hundreds of metals prices across base, minor, light and precious metals assessed by editors globally. This detailed report will help you monitor global events and quickly spot opportunities or potential pitfalls as well as bring you aluminum and copper price and news coverage. Daily prices and news for molybdenum are also covered to deliver critical insights.

The magnetite shipments will go to its joint venture partner and offtake customer Anshan Iron & Steel.

"This logistics chain is performing above and beyond expectations -- based on the November shipments, which is our full month of shipments, we are seeing an annualized rate of more than 6 million mt -- putting Karara on a very strong footing for the year ahead in 2013," Gindalbie's managing director Tim Netscher said.

Gindalbie will ramp up to 8 million mt/year of magnetite production and 2 million mt/year of DSO hematite production over the next 12 months. It currently produces DSO at a rate of 1 million mt/year.

--Marnie Hobson, marnie_hobson@platts.com --Edited by Geetha Narayanasamy, geetha_narayanasamy@platts.co

Tweet