Macro directors Simon Rushton and Rob Jewson each hold a 27.3% share in Project Rusty, the owner of the Extension Iron Ore Project.
Project Rusty has appointed RE:GROUP as the primary mining services contractor, with MMS tasked with providing technical services and managing crushing and screening operations under a build-own-operate model. MMS will validate prior metallurgical tests, which suggest that 11.29 million tonnes of iron ore at 57.16% iron can be produced after dry screening. Additionally, MMS will collaborate with the Pilbara Ports Authority to obtain an export allocation of 1.5–2 million tonnes per year and evaluate unexplored mineral outcrops to potentially extend the mine’s operational life.
Under the contract, MMS will be reimbursed for technical services and will work alongside RE:GROUP on mine site establishment, drilling, blasting, mining, and load and haul operations. Compensation will be on a cost-plus basis with a 15% markup. MMS is currently developing a detailed scope of work, cost estimates, and a project execution plan, which includes securing final approvals, applying for bulk sample permits, and leveraging Macro’s logistics and raw materials hub, located 28km east of Port Hedland’s Utah Point Bulk Handling Facility, for off-port stockpiling and product blending.
Simon Rushton, a Macro director who holds a 27.3% stake in Project Rusty alongside fellow director Rob Jewson, said: “This life of mine, mining services contract with RE:GROUP locks in revenue and margins for our business and creates a very solid foundation for the contracting order book we are currently building. MMS’ scope of work under this contract is firmly aligned with the business model we are pursuing; namely that we look to perform as many aspects of the supply chain as possible from pit to customer.”
Subject to shareholder approval, Macro Metals may acquire Rushton’s shares in Project Rusty, with payment consisting of 175 million fully paid ordinary Macro shares. In a separate development, Macro Metals signed an agreement in July 2024 to earn an 80% interest in four manganese tenements in the Eastern Pilbara region from Firebird Metals. The Extension Iron Ore Project underscores a commitment to efficient resource development and sustainable operations in Western Australia’s mining sector.
