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The emerging iron ore producer said today it had reached agreements with customers to sell nine million tonnes of iron ore over five years from its Peculiar Knob project, south of Coober Pedy.

The news sparked a significant rise in Western Plains shares, which were up 5.5 cents, or 10.5 per cent, at 58 cents.

Each non-binding memorandum of understanding (MOU) includes provisions to extend the life of the arrangements beyond five years, Western Plains said.

No details were given on the customers, but the company has previously stated iron ore from Peculiar Knob will be shipped directly to Asia.

Under the newly reached agreements, supply of iron ore is expected to start in the second half of calendar 2011.

Western Plains has said it intends to take the decision to commit to the project in the second half of this year, at which point the agreements will be converted into binding sales contracts.

‘‘As a result of recent enquiries, it is likely that essentially all of the project’s entire production for the first five years will be the subject of similar MOU agreements with other customers, within the next few weeks or months,’’ Western Plains said in a statement.

Sales from the agreements will be made at market clearing prices on a quality adjusted basis, using a mix of cost and freight (CNF) and free-on-board (FOB) pricing, it says.

The federal government last month confirmed the Peculiar Knob site did not lie within its Woomera Prohibited Area, an issue Western Plains has had with several of its exploration sites in South Australia.

The Peculiar Knob site contains the highest grade of undeveloped direct shipping iron ore deposits in Australia, Western Plains says.

The company plans to supply up to three million tonnes of iron ore per annum from the site.

Sourced from www.smh.com.au