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Brazil's Vale to invest in iron ore project of Australia's Cyclone Metals-金属展-冶金展-2025广州巨浪国际金属暨冶金工业展览会-巨浪展览-2025 China&n
bsp;(Guangzhou) Int'l Metal & Metallurgy Industry Exhibition
11/20/2024 金属展-冶金展-钢铁展-steel expo-metal & metallurgy expo |
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Australian miner Cyclone Metals has announced that it has inked a memorandum of understanding (MoU) with Brazilian iron oreminer Vale for the development of its lron Bear iron ore project in Canada.Accordingly, in the first phase, Vale wil allocate $18 milion to fund a preliminary feasibility study, driling activities andenvironmental studies. in the second phase. the Brazlian miner wil form a joint venture (V) with Cyclone Metals, initially having a30 percent equity in the project, with an option to increase its equity to 75 percent once it decides to mine or its contributionamounts to $120 milion. Also. following its decision to mine, Vale wil be able to acquire the remaining 25 percent equity in the Jvfrom Cyclone at a fair market value, subject to the approval of the latter''s shareholders
The lron Bear project is estimated to have 16 billion mt of iron ore with iron content of 29.3 percent Fe.
As SteelOrbis reported previously, in September this year Cyclone had commenced direct reduction (DR) grade pelet productionat the given project.
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