Shipment term

Strike Resources (ASX:SRK) Plans Departure of First Paulsens East Expedition – The Market Herald

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  • Strike Resources (SRK) plans to depart its first lump iron ore shipment from Paulsens East for this month
  • Strike has approximately 60,000 tonnes of Paulsens East flat rate direct shipment ore stored in Port Hedland, with a departure date for a Hong Kong buyer scheduled for August 28
  • A further 6,000 tons are also expected to be transported to Utah Point before being loaded onto the MV Cepheus Ocean, which is scheduled for shipment on the same date.
  • Strike says that while shipping iron ore will be a significant milestone for the company, it has made the decision to suspend further freight from Utah Point given current market conditions and will cease operations during the coming week.
  • Strike Resources last traded at 13.5 cents on August 24

Strike Resources (SRK) has scheduled its first shipment of lump iron ore from Paulsens East for departure this month.

Strike currently has approximately 60,000 tonnes of Paulsens East lump sum direct shipping (DSO) ore stored at Utah Point’s multi-user bulk handling facility in Port Hedland, scheduled to depart August 28. .

A further 6,000 tons are also expected to be transported to Utah Point before being loaded onto the MV Cepheus Ocean, which is scheduled for shipment on the same date.

The first delivery was sold to a buyer based in Hong Kong, with the terms of the sales agreement reflecting market prices.

Strike said while the Paulsens East iron ore shipment would be a significant milestone for the company, it had made the decision to suspend additional shipments from Utah Point given current market conditions. This includes the low benchmark iron ore price compared to prices earlier in the year, as well as rising input costs.

The company will cease operations at the mine over the coming week and suspend production until market conditions improve.

Meanwhile, Strike said work on the phase two development at Ashburton’s port, Onslow, was continuing as a more cost-effective export option. The company is in advanced negotiations with key contractors for transshipment operations from the Port of Ashburton.

Strike Resources last traded at 13.5 cents on Aug. 24.