https://newsletter.en.creamermedia.com
Financial|PROJECT|Resources|Steel|Products
Financial|PROJECT|Resources|Steel|Products
financial|project|resources|steel|products

Cyclone brings Vale on board for Canada iron-ore project

15th November 2024

By: Creamer Media Reporter

     

Font size: - +

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.

Edited by Creamer Media Reporter

Comments

Latest News

Eskom's Megawatt Park
Loadshedding downgraded to Stage 2
25th February 2025 By: Creamer Media Reporter

Showroom

Weir
Weir

Weir is a global leader in mining technology. We recognise that our planet’s future depends on the transition to renewable energy, and that...

VISIT SHOWROOM 
ESAB showroom image
ESAB South Africa

ESAB South Arica, the leading supplier of high-end welding and cutting products to the Southern African industrial market is based in...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (21/02/2025)
21st February 2025 By: Martin Creamer
Magazine round up | 21 February 2025
Magazine round up | 21 February 2025
21st February 2025

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.075 0.168s - 169pq - 2rq
Subscribe Now