Cashmere Iron makes waves

The company has announced the Cashmere Iron Ore Project, has proven reserves of more than 1 billion tonnes. But even that could dwarf the sites true potential, estimated at close to 8 billion tonnes of both haemetitie and the higher quality magnetite ore at its Cashmere Downs tenement.

Cashmere Iron believes the proven reserves estimated at 7.5km long and containing a total of 52km of banded iron ridges, is probably one of the, if not the largest in the WA mid-West.

Cashmere Iron chairman David Hendrie says the project is well advanced, with Native Title agreements in place and discussions with potential joint venture and off-take partners underway.

ProMet Engineers has been contracted for further independent scoping studies on the Cashmere Downs site by Q2 2010.

Such a major project will mean additional funding must be found, and its likely Cashmere Iron will be taken public this year.

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Already, stories are circulating of a planned sharemarket float in Q3 year that could rocket the value of the company - an unknown until this week - to $250 million.

Such a large find will undoubtedly contribute to the ongoing development of logistics in WA's Midwest, with Gindalbie Metals' Karara (1.9 billion tonnes) and Crossland Resources' Jack Hills project (3 billion tonnes) also in the vicinity.

Port and rail infrastructure projects are taking off in the WA Midwest, the most prominent probably the Oakajee deepwater port and rail project, estimated at $4 billion.