Iron Ore

Project: Koolyanobbing Iron ore

Location Western Australia
Operator Mineral Resources (ASX;MIN)
Commodity Iron ore
Mine Type Open Pit, Direct Ship Ore
Stage Production
Production rate (all pits) 11Mtpa (expansion underway)


Royalty 1.5% Free on Board (FOB)

Reserves and Resources (Deception Pit)

Total Reserves 9.3Mt @ 59.9% Fe
Total Resources 19.5Mt @ 59.9% Fe

Reserves and Resources (Yilgarn)

Total Reserves 40.8Mt @ 58.2% Fe
Total Resources 108.6Mt @ 56.8% Fe
Source: Mineral Resources Limited announcements:
Reserve Statement   |  Resource Statement  |  Yilgarn Strategy 

Trident owns a 1.5% free on board (“FOB”) revenue royalty covering part of the producing Koolyanobbing Iron Ore Operation in Western Australia. The royalty is over tenement ML77/1259 which covers part of the Deception Pit at Koolyanobbing; containing a JORC compliant Reserve of 9.3Mt @ 59.9% Fe and Resource of 19.5Mt @ 59.9% Fe. Trident estimates up to 75% of the Deception Pit may contain mineralisation over which payment would be made under the Koolyanobbing royalty.


Koolyanobbing is operated by Mineral Resources which acquired the asset from Cliffs Natural Resources in 2018. Since its acquisition, Mineral Resources has materially increased production at Koolyanobbing from 6Mtpa in 2018 to an annualised rate of 11Mtpa as of Feb 2020. Additional capital expenditure is anticipated to further increase production to 15Mtpa by end CY2020 with planning and approvals underway. Mineral Resources has previously announced its intention to build a long-life iron ore export business in the Yilgarn region utilising the company’s industry innovative approach to mine development.

The royalty provides Trident with attractive exposure to a significant and growing iron ore asset, operated by an innovative and renowned operator with a strong balance sheet in a world-class jurisdiction. As a royalty over an operating asset, the royalty provides access to material cashflow which assists in bringing scale and diversification to Trident’s growing royalty portfolio.