Cyclone brings Vale on board for Canada iron-ore project
ASX-listed Cyclone Metals has announced a memorandum of understanding (MoU) with diversified major Vale regarding the development of an iron-ore project in Canada.
The MoU outlines the terms for a strategic partnership aimed at advancing the Iron Bear project, near Schefferville, to a decision to mine.
“Vale is a powerhouse for the production of ultra clean iron-ore products which includes DR pellets and their proprietary cold briquettes. They are an ideal partner for us, and we look forward t leveraging Vale’s extensive operational and financial resources to realise the full potential of Iron Bear,” said Cyclone CEO Paul Berend.
In a two-phased investment, Vale could earn a controlling interest in Iron Bear. The first phase will require an $18-million investment, followed by a second phase, entailing a joint venture and initial 30% interest.
Vale’s ownership in the Iron Bear JV can increase to 75% when a decision to mine is taken, or the Brazil major’s total contribution reaches $120-million.
Thereafter, Vale will have the right to acquire Cyclone’s remaining shareholding at a fair market value.
Iron Bear has a mineral resource of 16.6-billion tonnes containing 29.3% total iron and 18.2% magnetic iron, cut-off grade 12.5% magnetic iron. Champion Iron, IOC, ArcelorMittal and Tata Steel are major producers in the region.
Comments
Research Reports
Projects
Latest News
Showroom
Education: Consulting with member companies to obtain the optimal benefits from their B-BBEE spending, skills resources as well as B-BBEE points
VISIT SHOWROOM
From batteries for boats and jet skis, to batteries for cars and quad bikes, SABAT Batteries has positioned itself as the lifestyle battery of...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
