Cashmere Looking to Become Major Player Soon
A small, relatively known and unlisted public firm Cashmere Iron is reportedly looking all set to become a major player in the near future.
Although not even close to Pilbara giants like Rio Tinto, BHP Billiton and Fortescue, Cashmere officially announced yesterday that it is presently sitting on an iron resource which is of over a billion tons.
Also, there could be a lot more of the material there, with the present resource representing a mere 15%, maybe even less than that, of the branded iron formations in the company's Cashmere Downs tenements.
The much wider significance of the major discovery is that it will also be capable of supporting the development of rail and port infrastructure in Western Australia's mid-west area which lies around Geraldton.
The projects include the $4 Billion Oakajee deepwater port and rail project.
"With this potentially having well in excess of a 50-year mine life, based on 20 million tons a year, projects like ours justify the infrastructure being in there, because the use of the rail and port is a long-term prospect", the company said.