April 15th, 2015

Magnetite Network to be Mothballed

 Media Release

 31 March 2015

 The five member companies of the Magnetite Network have taken the difficult decision to suspend activities of the magnetite industry group due to the tough economic circumstances currently facing the iron ore industry.

” After six years as the only magnetite specific industry group in existence we have opted to suspend MagNet’s activities for the foreseeable future. Just like a mine site that goes on to care and maintenance we hope to restart the Network at a later date. “Executive Director Megan Anwyl said.

“I believe that magnetite does have a strong future and will continue to push for all levels of government to have robust policies that promote investment attraction and certainty for magnetite projects.”

Outgoing MagNet Chairman Dale Harris, the CEO of Karara Mining said,” This decision was taken reluctantly by members due to market conditions and the need to reduce costs. It is not a reflection on the quality work done by MagNet.

MagNet’s major achievements include educating legislators about our industry, attracting a state royalty rebate and royalty freeze, achieving carbon pricing compensation under past carbon laws and clear recognition under the current Direct Action laws.”

MagNet will suspend its activities from 30 June this year and Megan Anwyl will take over as Chairman in April.

Background

 The Magnetite Network was formed back in April 2009 to represent magnetite iron ore companies and currently has five members – Asia Iron Australia, Atlas Iron, BC Iron, CITIC Pacific Mining and Karara Mining.

The CITIC Pacific Mining Sino Iron project (south of Karratha) and the Karara Iron Ore project (Mid West) are in continued production having commenced exports in 2013.

Megan Anwyl is also Chairman of the Resources Committee of the Australia-China Business Council (WA).

Contact:  Megan Anwyl – Executive Director    0417 949 900                                        www.magnetitenetwork.com.au