BBIG a step closer to Balla Balla project
BBI Group has put another piece of the puzzle in place for its proposed $6 billion Balla Balla iron ore port and rail project in the Pilbara.
The company, jointly owned by New Zealand’s Todd Corporation and Nic Curtis’ Nyco, announced last week an option agreement with Mineral Resources to acquire its Weelumurra iron ore asset in the Central Pilbara.
MinRes picked up the asset in its 2009 takeover of Polaris Metals.
The project is about 15km south of BBIG’s proposed rail head and stockyards. The company believes Weelumurra hosts about 200 million tonnes-plus exploration potential.
BBIG chief executive Nic Curtis said securing Weelumurra was an important step in the company’s efforts to progress the project to a final investment decision.
BBIG is also planning an exploration program at its Central Pilbara Hay Stack Flat tenement application at the southern border of the Millstream Chichester National Park.
The company believes it has potential for iron mineralisation of up to 400 million tonnes.
The company is planning a 50Mtpa operation comprising a 162km railway linking stranded iron ore deposits and a port between Karratha and Port Hedland.
The project will generate 3300 construction and 900 permanent jobs. Last year, Todd took over iron ore hopeful Rutila Resources and secured a majority stake in Flinders Mines, which owns the Pilbara Iron Ore Project, as part of its broader plan for Balla Balla.
Earlier this year, BBIG signed a State Agreement with the previous Barnett Government and it has also signed a memorandum of understanding with China State Construction Engineering Corporation to build the port and rail component of the project.
However, BBI is yet to secure financing for the project.
The company has an option agreement with MinRes to acquire Weelumurra.