{"id":1799,"date":"2016-10-10T21:07:50","date_gmt":"2016-10-10T21:07:50","guid":{"rendered":"http:\/\/yinghuiinternational.com\/?p=1799"},"modified":"2016-10-10T21:07:50","modified_gmt":"2016-10-10T21:07:50","slug":"bc-iron-sells-interest-in-nullagine-to-fortescue","status":"publish","type":"post","link":"https:\/\/yinghuiinternational.com\/index.php\/2016\/10\/10\/bc-iron-sells-interest-in-nullagine-to-fortescue\/","title":{"rendered":"BC Iron sells interest in Nullagine to Fortescue"},"content":{"rendered":"

\"bc-iron-nullagine-2-a_7-476x270\"<\/p>\n

BC Iron (BCI) is selling its 75 per cent stake in the mothballed Nullagine joint venture (NJV)<\/span> to Fortescue.<\/p>\n

The project was a 75:25 joint venture between the two companies, with the mine operating for five years before operations were suspended last year<\/a>due to low iron ore prices.<\/p>\n

Since the suspension, BC Iron considered either restarting the operations or selling its interest;indicating that a restart was unlikely<\/a>.<\/p>\n

\u201cDespite the identification of further operating cost savings and an improvement in iron ore prices, the Nullagine mine had remained marginal from BC Iron\u2019s perspective and, based on projected future iron ore prices, it is unlikely that a restart of operations will become viable in the medium term under the current joint venture structure,\u201d the company said, thus proceeding with the sale.<\/p>\n

Fortescue will take on BCI\u2019s liabilities and obligations, including the existing site.<\/p>\n

\u201cNullagine has been a successful operation and BC Iron shareholders have extracted significant value from it over a number of years,\u201d BCI chairman Tony Kiernan said.<\/p>\n

\u201cBC Iron has now concluded that the sale to Fortescue offers the best potential from a future BC Iron value and risk perspective.\u201d<\/p>\n

Earlier this year BCI and Watpac settled a legal dispute<\/a> over funds owed after Watpac\u2019s mining contract was terminated at Nullagine.<\/p>\n

BCI terminated the mining contract with Watpac last year due to the continued decline of iron ore prices, with the company saying it was obligated to make a one off contract termination payment to Watpac.<\/p>\n

Watpac later launched legal action claiming it was owed $12.5 million, with the BCI eventually providing a confidential sum to settle the case.<\/p>\n","protected":false},"excerpt":{"rendered":"

BC Iron (BCI) is selling its 75 per cent stake in the mothballed Nullagine joint venture (NJV) to Fortescue. The project was a 75:25 joint venture between the two companies, with the mine operating for five years before operations were suspended last yeardue to low iron ore prices. Since the suspension, BC Iron considered either … Continue reading “BC Iron sells interest in Nullagine to Fortescue”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6],"tags":[],"class_list":["post-1799","post","type-post","status-publish","format-standard","hentry","category-mines-and-quarry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p83F9T-t1","jetpack-related-posts":[{"id":804,"url":"https:\/\/yinghuiinternational.com\/index.php\/2015\/02\/02\/nullagine-joint-venture\/","url_meta":{"origin":1799,"position":0},"title":"Nullagine Joint Venture","author":"yinghui","date":"February 2, 2015","format":false,"excerpt":"The Nullagine Joint Venture (NJV) is an unincorporated 75:25 joint venture between BC Iron and Fortescue Metals Group (Fortescue), which is located approximately 150km north of Newman in the Pilbara region of Western Australia. The NJV is a producing iron ore mine with the capacity to export up to 6Mtpa\u2026","rel":"","context":"In "Mines and Quarry"","block_context":{"text":"Mines and Quarry","link":"https:\/\/yinghuiinternational.com\/index.php\/category\/mines-and-quarry\/"},"img":{"alt_text":"Nullagine-Joint-Venture-location","src":"https:\/\/i0.wp.com\/www.bnmme.com.au\/wp-content\/uploads\/2015\/02\/Nullagine-Joint-Venture-location.jpg?resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.bnmme.com.au\/wp-content\/uploads\/2015\/02\/Nullagine-Joint-Venture-location.jpg?resize=350%2C200 1x, https:\/\/i0.wp.com\/www.bnmme.com.au\/wp-content\/uploads\/2015\/02\/Nullagine-Joint-Venture-location.jpg?resize=525%2C300 1.5x"},"classes":[]},{"id":1173,"url":"https:\/\/yinghuiinternational.com\/index.php\/2015\/12\/15\/bc-iron-to-close-gates-at-nullagine\/","url_meta":{"origin":1799,"position":1},"title":"BC Iron to close gates at Nullagine","author":"yinghui","date":"December 15, 2015","format":false,"excerpt":"Struggling miner BC Iron has announced a temporary halt to production at the Nullagine Joint Venture (NJV). 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