Jean-Sebastien Jacques has confirmed one of the worst kept secrets in mining circles - Rio has hit gold (and copper and silver). The Winu project centers on WA's Paterson Range where the company has been drilling exploration holes and making big finds. In less than a year the company has built its footprint in the region from <1000 sq km to 12,000 sq km. Sniffing the wind, Andrew Forrest's FMG equally snapped up >5000 sq km.
The site sits near to Newcrest's Telfer mine asset that has been proven ground for a number of years now. Inland prospects such as Telfer offer logistical challenges in terms of servicing the site and shipping the lode however they also are attractive given that they rarely face the disruption of tropical cyclones that hit the Pilbara region.
Read more here at the West Australian.