Investor favourite Hawsons Iron is rocketing after the company updated the market on its plans for their iron ore project in New South Wales.
The company stated that their Bankable Feasibility Study (BFS) for the project will now be solely on developing a 20 million tonne per annum (Mtpa) project. The larger scope is expected to deliver better Environmental, Social and Governance (ESG) outcomes and project economics than the alternate 10 Mtpa project. Capital costs will be higher.
Hawsons Iron chair Dave Woodall commented:
“The team of leading global partners and specialists we’ve engaged to complete the BFS now have the additional information required to undertake detailed engineering design and update the project’s estimated delivery timetable which we will release once completed.”
The company also aims to hit first production from the project expected in the second half of 2024.
Hawsons also announced they reached a non-binding Memorandum of Understanding (MOU) with Flinders Ports to co-operate on the potential development and operation of the Myponie Point Port.
Hawsons managing director Bryan Granzien said the MOU would see Flinders Ports “finance, construct, own and operate the Myponie Point Port”. This would significantly cut back their capital expenditure for the project.
Myponie Port is expected to be ready to start exporting Hawsons’ over 70% Fe Hawsons Supergrade magnetite concentrate by the second half of 2024.
The Hawsons Iron share price has been an amazing performer way outperforming the index, gaining 267% over the past 12 months which is a welcome return for true believers in the company.