Roy Hill has officially taken over the mine, rail, and port operations from Samsung C&T.
This is a positive turn for the miner which faced setbacks in its first ore shipments late last year.
The miner will now ramp up its operations to its 55 million tonne per annum production capacity target.
For now it is focusing on building its stockpiles at both mine and port, and the loading of its third shipment.
Barry Fitzgerald, Roy Hill’s CEO, welcomed the exchange.
“I would like to thank Samsung C&T, their subcontractors, the contractors engaged by Roy Hill involved in delivering the ECI infrastructure, such as the accommodation village and mine services area, the staff at Roy Hill, and each of the approximately 50,000 men and women who’ve been involved across the project over the years, for their efforts to date in progressing the project to this stage and achieving this outcome,” Fitzgerald said.
He went on to outline how the mine is inuring itself against the current weak iron ore price.
“We are a low-cost producer, with low phosphorous impurities, significant lump ratio, consistent quality and…[have] approximately 90 per cent of Roy Hill’s product under long term contracts”