The share price of Mineral Resources Limited (ASX: MIN) has dropped 3% lower to $16 on Thursday morning.
Mineral Resources on Wednesday announced it has completed the acquisition of the Koolyanobbing iron ore operations from Cleveland-Cliffs Inc., after yesterday finalising access arrangements to the Port of Esperance with the State Government.
Mineral Resources have also acquired ownership of Cliffs’ fixed infrastructure assets at
the Port of Esperance, which include the railcar dumper and two large storage sheds.
The Koolyanobbing Operation, located about 50km north of Southern Cross in the Yilgarn
region of Western Australia includes fixed iron ore mine infrastructure assets and mining
On Wednesday the company recommenced its Yilgarn iron ore operations using assets at both its Carina mine as well as at its newly acquired Koolyanobbing Operation.
The company says it intends to start moving Yilgarn iron ore by rail to the Port of Esperance in October 2018 and commence shipping activities in November 2018.
Managing Director Chris Ellison said:“ We are extremely pleased to have resumed iron ore operations in the Yilgarn and look forward to shortly beginning to export our iron ore from Esperance and, in the process of doing so, preserving hundreds of jobs and creating economic benefits for regional Western Australia.”
Since the beginning of 2018, the Mineral Resources Limited share price has fallen 24% compared to the S&P/ASX 200 Index which has gained 4.79% in the period.