- Written by ASIA Miner News
IMX Resources has signed a strategic alliance agreement with Sichuan Taifeng Group and Sichuan Metallurgical Geological and Exploration Bureau.
The aim of the strategic alliance is to seek new projects and investment opportunities as well as to investigate the opportunities for participating in existing IMX projects to accelerate exploration and development.
The agreement involves IMX and Sichuan Taifeng hedging 240,000 tonnes of iron ore from the Cairn Hill mine in South Australia.
The partners have hedged 30,000 tonnes per quarter until the end of 2012 at Aus$124 per tonne for 62% iron.
IMX says the hedging will reduce the operation’s risk and reliance on iron ore prices, and protect against fluctuations in the Australian dollar.
The Cairn Hill mine near Coober Pedy in South Australia started production in July at an annual rate of 1.7 million tonnes.
With a current market capitalization of about Aus$135 million, IMX is an active diversified mining company with projects in South Australia, Tasmania, Tanzania and Mozambique focusing on a range of commodities including iron-ore, nickel, gold, copper, platinum and uranium.