▁a ▁period ▁of ▁ 8 ▁years . ▁Project ed ▁capital ▁exp end it ures ▁for ▁t asi ast ▁were ▁$ 7 3 ▁million . ▁ ▁Iron ▁ore ▁A ▁three - stage ▁bank able ▁feas ibility ▁study ▁for ▁the ▁development ▁of ▁the ▁Gu el b ▁El ▁A ou j ▁iron ▁ore ▁project ▁was ▁under way ▁during ▁the ▁year . ▁Per th - based ▁S phere ▁invest ments ▁Ltd . ▁of ▁Australia ▁( Si L ) ▁was ▁to ▁fund ▁the ▁first ▁$ 1 1 ▁million ▁to ▁ear n ▁a ▁ 5 0 % ▁interest ▁in ▁the ▁project , ▁which ▁consisted ▁of ▁a ▁ 1 7 - mill ion - metric - ton - per - year ▁( M t / yr ) ▁iron ▁ore ▁open ▁pit ▁mine , ▁and ▁a ▁ 7 - M t / yr ▁benef ici ation ▁and ▁direct - redu ced - ir on ▁( dri ) ▁pel let izing ▁plant . ▁a ▁resource ▁definition ▁dr illing ▁campaign ▁for ▁the ▁project , ▁which ▁was ▁completed ▁in ▁ 2 0 0 6 , ▁out lined ▁a ▁new ▁resource ▁estimate ▁yield ing ▁measured , ▁indicated , ▁and ▁infer red ▁resources ▁of ▁high - quality ▁magnet ite - qu art z ite ▁of ▁about ▁ 7 0 1 ▁M t ▁compared ▁with ▁the ▁ 4 5 0 ▁M t ▁previously ▁reported ▁by ▁the ▁company . ▁Si L ▁expected ▁to ▁complete ▁the ▁bank able ▁feas ibility ▁study ▁by ▁the ▁second ▁quarter ▁of ▁ 2 0 0 7 , ▁to ▁begin ▁construction ▁work ▁by ▁ 2