Hope Downs State Agreement

Hope Downs State Agreement

After a successful arbitration, and the government imposed difficulties with access Port Hedland (the port chosen at the time for Hope Downs), on July 1, 2005 Kumba / Anglo was replaced by iron ore Rio Tinto, when the company entered into an agreement to conclude the Hope Downs Joint Venture (HDJV), a 50/50 joint venture between Hope Downs Eisenerz (HDIO) and Rio Tinto Eisenz. The inclusion of another partner involved an additional selection process and a lot of work, including a complete overhaul of the draft development proposal, against the difficult time constraints imposed by the State Agreement if a financially viable development proposal was not presented on 30 June or before 30 June. They say hope is springing up forever, and from what they say, Hope Downs is turning to optimistic times in the wake of record iron ore prices and covid 19 conditions. “The VA has gone from an inhumane handout state that could not support itself to one that supports other states.” This created a problem for the Hope Downs project, including its title, because the state agreement provided that the Hope Downs project had to submit a development proposal in a timely manner or would have to violate the state agreement and that it was in deficit. “I hope that everyone who has participated in this process is proud of our industry and our contribution to Pilbara and our state that Hope Downs is making. Following successful arbitration proceedings and difficulties in accessing Port Hedland (the port chosen for Hope Downs at the time), Kumba/Anglo was replaced by Rio Tinto Iron Ore on July 1, 2005, when the company announced an agreement for the conclusion of Hope Downs Joint Venture (HDJV), a 50/50 joint venture between the two parties. On the basis of this safer title, Hancock was able to advance the exploration and evaluation work, then conduct a feasibility study and begin a banking feasibility study under the chairmanship of Gina Rinehart, Mr. Hancock`s daughter, whose mother Hope was the inspiration for the company`s name. Construction of an iron ore mine in the Hope Downs area, 75 km northwest of Newman, including limited ore processing facilities and a rail link between the mine and a rail network to transport iron ore to the coast. The top of Mount Newman is 65m thick at Hope Down and is home to a great mineralization. Ausroad Systems develops, produces, distributes and leases specialized road maintenance… Iscor was then “unbundled” and the partner became Kumba, a smaller, less financial-rich company, which was later acquired by Anglo.

When the acquisition process was approved, Anglo was committed to setting different development priorities. The Hope Downs project has been delayed by various events, including joint infrastructure negotiations with BHP Billiton Eisenerz (BHPBIO), the settlement of the Porteous process (litigation involving financial requirements for Hope Downs that required a solution before financing was possible), Anglo`s hostile adoption of Kumba and Anglo`s commitment to the South African government to focus its investments in iron ore. “Gina Rinehart`s motivation, hard work, determination and vision for decades have been decisive in the development of Hope Downs,” he said. The inclusion of a new partner involved a selection process and a lot of work, including a complete overhaul of the draft development proposal. First appendix to Declaration 584 – Increase in production rate from 25 megatonnes per year to 30 megatonnes per year – amendment to the proposal approved under s45C on October 3, 2005. Other auxiliary equipment used in the mine during production include four Caterpillar D10 and D11 Dozer (two each), two Caterpillar 16H and three Caterpillar 16M-Grader. Following the successes of Hope 1 North and South, Hope Downs 4 (successfully produced by Hancock prior to the Rio Tinto Iron Ore participation) was developed and began production in 2013.

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