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Gindalbie makes first shipment from Karara

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SYDNEY, Jan 2 AAP

January 02 2013, 11:49AM

Gindalbie Metals shares have risen eight per cent after it announced that it has made the first shipment of magnetite from the Karara iron ore project in Western Australia.

The company said in a statement that it was the first-ever significant shipment of magnetite from Western Australia.

Loading of 55,000 tonnes of magnetite concentrate, was completed in Geraldton on 31 December 2012 and it is now headed for China.

At 1115 AEDT, Gindalbie shares were two cents higher at 27 cents after peaking at 28.5 earlier on Wednesday morning.