Western Australian Iron Ore Company, Brockman Resources Limited (ASX Code: BRM), is pleased to announce the appointment of UBS Investment Bank as the Company?s strategic corporate advisor.
UBS is one of the world?s leading financial firms, with a presence in all major financial centres worldwide and offices in over 50 countries. UBS has an investment banking office in Perth, Western Australia.
The appointment of UBS will assist Brockman in positioning the Company to capitalise on the current global market conditions and assess any strategic business opportunities, while at the same time progressing the development of its core asset, the Marillana Stage 2 Iron Ore Project.
Brockman?s engagement of UBS follows several months of due diligence to ensure that both companies had an optimal strategic fit and corporate alignment. During the coming months the Brockman and UBS teams will work together to develop a strategic program to optimise Brockman?s long-term value for the Company?s shareholders.
Brockman is in a unique position in the Australian junior iron ore sector with a world-class JORC compliant resource of 1.6 billion tonnes, uncommitted cash reserves of $102 million and close proximity to existing rail, road and port infrastructure.
Managing Director of Brockman, Mr Wayne Richards, said: ?This appointment establishes a key strategic alliance for Brockman with a global investment bank which has the capacity to assist the Company with both the Marillana Project and the Company?s broader strategic corporate development. The team at UBS is extremely professional, diligent and very highly regarded, and we look forward to their ongoing strategic input and support?.
At a time of volatile international capital markets and low commodity prices, prudent management of our strong uncommitted cash position remains a priority for the Brockman board. The board is determined to strike the appropriate balance between advancing the Marillana Project to a development decision whilst preserving our cash position. The appointment of UBS additionally provides Brockman with the opportunity to diligently review alternate strategic corporate opportunities.
Brockman recently announced the appointment of Ausenco to complete its Stage 2 Pre-Feasibility Study for the Marillana Project. Stage 2 comprises a 15 - 25Mtpa mining operation with a forecast mine life of up to 40 years. The development will provide for production of two high-grade iron ore products, with both channel iron deposit (CID) and beneficiated haematite ores being mined and exported.
Brockman is also a founding member of the North West Iron Ore Alliance (NWIOA) which is currently completing a Scoping Study on the development of two ?inner harbour? berths and associated ore handling facilities at Port Hedland.
?ENDS?
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Released by:
Nicholas Read / Kate Bell
Read Corporate
Phone: +61 8 9388 1474 |
On behalf of:
Wayne Richards
Managing Director
Brockman Resources
Phone: +61 8 9388 0866 |
Competent Person?s Statement
The information in this report that relates to Mineral Resources is based on information compiled by Mr M Nimmo and Mr A Zhang.
Mr M Nimmo, who is a Member of the Australasian Institute of Geoscientists and a full-time employee of Snowden Mining Industry Consultants Pty Ltd produced the Mineral Resource estimate based on the data and geological interpretations provided by Brockman. Mr Nimmo has sufficient experience that is relevant to the style of mineralisation, type of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2004 edition of the ?Australasian Code for Reporting of Exploration, Results, Mineral Resource and Ore Reserves. Mr Nimmo consents to the inclusion in this report of the matters based on his information in the form and context that the information appears.
Mr A Zhang, who is a Member of the Australasian Institute of Mining and Metallurgy and a full-time employee of Brockman Resources Ltd provided the geological interpretations and the drillhole data used for the Mineral Resource estimation. Mr Zhang has sufficient experience that is relevant to the style of mineralisation, type of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2004 edition of the ?Australasian Code for Reporting of Exploration, Results, Mineral Resource and Ore Reserves. Mr Zhang consents to the inclusion in this report of the matters based on his information in the form and context that the information appears.
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