Ivernia: would take months to clear lead stockpile

SYDNEY/TORONTO, Nov 26 (Reuters) - Ivernia Inc (IVW.TO: Quote, Profile, Research, Stock Buzz) said it would take up to four months to clear 19,000 tonnes of lead piled up at its Magellan mine in Australia if it wins government approval to resume shipments.

The Magellan mine, which accounts for 3 percent of the world's mined lead, was shut by Ivernia in April after health officals halted lead exports from the Port of Esperance following a large number of bird deaths from lead poisoning.

The lead has been stockpiled at the mine while a further 9,000 tonnes are marooned at the Port of Esperance, on the western edge of the Great Australian Bight.

Ivernia is hoping to resume shipments from the mine next year via the Port of Fremantle, close to the state capital Perth.

"We expect it will take about three to four months to ship the 19,000 tonnes of onsite lead concentrate," Ivernia vice president of investment relation Sharon Loung said in an e-mail response to questions from Reuters.

Magellan has sought permission from the Western Australia state government to ship concentrate in sealed containers. However, the likelihood of utilising the Fremantle port was uncertain and hinged on ministerial permission from the Western Australian state government.

"According to updated guidance received from senior regulators and government officials, the company anticipates the ministerial decision on the proposal to be issued during the first quarter 2008," Loung said.

However, there was no fixed or guaranteed timeline and no certainty on the outcome.

In anticipation of an approval, negotiations with road and rail haulage operators for the transport of sealed containers from the mine site to the Port of Fremantle were underway, Loung said. (Reporting by James Regan in SYDNEY and Cameron French in TORONTO)