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- Elmore (ELE) begins loading the first shipment of ore from its Peko project in the Northern Territory
- Around 25,000 tonnes of magnetite is being loaded onto a ship bound for China early next week
- The company says this first shipment will provide both the revenue and learnings to enable future shipments to carry a targeted 30,000 tonnes of product
- In this vein, Elemore is aiming for one shipment each month once a ramp up at the project is completed which is anticipated by the first quarter of next year
- Elmore shares are up 9.52 per cent to trade at 2.3 cents at 11:43 am AEDT
Elmore (ELE) has begun loading the first shipment of ore from its Peko project in the Northern Territory.
In what has been described as a major milestone for the company, 25,000 tonnes of magnetite is being loaded onto a ship bound for China early next week.
The product has been purchased under an off-take agreement with Hong Kong’s Royal Advance announced in July.
The company said this first shipment will provide both the revenue and learnings to enable future shipments to carry a targeted 30,000 tonnes of product.
In this vein, Elmore is aiming for one shipment each month once a ramp up at the project is completed which is anticipated by the first quarter of next year.
Managing Director David Mendelawitz said today’s news marks the end of the “first chapter of the Peko story” and the beginning of the company’s path as a business focussed on cash generation.
He said preparation for this shipment was a “steep learning curve” for all involved.
“From optimising the plant and loading the trains, through to building the stockpile in the port shed.
“These invaluable lessons will move Elmore forward with the confidence that the infrastructure and the Peko project can deliver what we have set out to achieve.”
Elmore shares were up 9.52 per cent to trade at 2.3 cents at 11:43 am AEDT.
