MinRes Furthers Joint Venture Option with Brockman for Marillana

MinRes Furthers Joint Venture Option with Brockman for Marillana

Mineral Resources is making progress on a farm-in and joint venture agreement with Brockman Mining over the Marillana iron ore project.

Mineral Resources (ASX:MIN) is progressing on a farm-in and joint venture deal with Brockman Mining (ASX:BCK) over the Marillana iron ore project in Western Australia’s Pilbara region.

The latest development came on Monday (January 21), when the two companies executed a mine-to-ship logistics agreement for the transport of iron ore from Marillana to Port Hedland by a light-rail system.

The agreement is still subject to conditions such as: MinRes entering a state agreement with the Western Australian government; gaining project finances to fund the project infrastructure; gathering all necessary leases and licenses for the rail system and port infrastructure; and the company’s board making a final investment decision.

When the necessary conditions are met, the agreement will see MinRes construct, commission and operate the rail, rollingstock and port infrastructure needed to transport up to 30 million tonnes per year (Mtpa) of iron ore from Marillana to Port Hedland.

This will include loading the product onto vessels for export, and will be effective during Marillana’s full lifespan.

In order to earn a 50-percent stake in the asset, MinRes must spend $250,000 on exploration and development activities on Marillana tenements. It must also complete the process design criteria for Marillana’s processing plant, optimize its mine plan study and finalize the mine development layout plan.

Once those obligations are covered, the companies will form an unincorporated 50/50 joint venture and will move forward together on developing Marillana.

Marillana is expected to produce 20 Mtpa of iron ore product, but has the potential to push production capacity to 30 Mtpa. As of May 2018, the project had a total iron ore mineral resource of 1.51 billion tonnes, with ore reserves amounting 1 billion tonnes.

MinRes’ share price was down 0.19 percent on Tuesday (January 22), ending the trading day on the ASX at AU$15.99. Meanwhile, Brockman was up 5.19 percent, closing the day at AU$0.04.

Don’t forget to follow us @INN_Resource for real-time news updates!

Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.

Tempus Closes A $1.9 Million Private Placement

Tempus Resources Ltd (“Tempus” or the “Company”) (ASX:TMR)(TSX.V:TMRR) is pleased to announce that it has closed the non-brokered private placement announced on 23 April 2021 (the “Placement

The Placement has been completed utilising the Company’s available capacity under ASX Listing Rules 7.1 and 7.1A. It includes two tranches: Tranche 1, which consists of 6,037,736 ordinary shares issued on 12 May, 2021, as “Canadian flow-through shares” at a price of C$0.155 (approximately A$0.163) per share for proceeds of approximately C$935,849; and Tranche 2, which consists of 6,065,425 ordinary shares issued on 30 April 2021 at a price of A$0.145 (approximately C$0.138) per share for proceeds of approximately A$879,487. The total proceeds from both Tranche 1 and Tranche 2 of the Placement are approximately A$1,866,149 (C$1,770,042). Following the completion of the Placement, the Company has 98,744,613 shares on issue.

Keep reading... Show less

Galaxy Resources Limited Announcement

Galaxy Resources Limited (ASX: GXY) ( Company ) advises that the following announcement has been made to the Australian Securities Exchange which appears on the Company’s platform (ASX):

  • Appendix 2A

The announcement can be viewed at:

Keep reading... Show less

Massive Sulfide Nickel Drilling Update

Blackstone Minerals Limited (“Blackstone" or the “Company") is pleased provide an exploration update on its flagship Ta Khoa Nickel-Cu-PGE project, for which assay results have been received from drilling at its Massive Sulfide Vein (MSV) prospects (refer Table 3, Table 4 & Appendix 1).

Keep reading... Show less

Novo Completes Malmsbury Option Exercise with GBM Resources Limited

Novo Resources Corp. (“ Novo ” or the “ Company ”) (TSX: NVO & NVO.WT; OTCQX: NSRPF) is pleased to advise that it has completed its option exercise to earn a 50% interest in the Malmsbury gold project (the “ Malmsbury Project ”) held by ASX-listed GBM Resources Limited (ASX: GBZ) (“ GBM ”) following the satisfaction of all conditions precedent, including receipt of Australian Foreign Investment Review Board approval (refer to the Company’s news releases dated March 30, 2020 September 24, 2020 and January 15, 2021 for further details).

“We are thrilled to complete our option exercise at Malmsbury,” commented Dr. Quinton Hennigh, Chairman and President of Novo. “We see Malmsbury as a Fosterville analogue given its similar position along the eastern margin of the prolific Bendigo Zone, epizonal orogenic setting and historic high-grade gold production. Our geologic team will pursue aggressive field work over the next few months with the goal of developing drill targets for testing later this year.”

Keep reading... Show less

Rare Earth Elements Demand is Still Growing

Rare Earth Elements are 17 silvery-white heavy metals with special magnetic capabilities. REEs have diverse applications and are commonly used in lasers, glass, superconductors, hard drives, wind turbine generators, and magnetic materials. Despite the name, REEs are abundant in the world, often found underground alongside uranium in sand structures called monazite. REEs concentrate must first be separated from the sand. Neodymium and praseodymium (NdPr) represent about 80% of the value of REE concentrate. Demand for these elements is growing because of their use in electric vehicles, wind turbines, and appliances. Adams Intelligence expects the demand for NdPr to double in the next five years. Removing REEs from monazite and then separating REEs into individual components is a complicated process. Read More >>

News Provided by Channelchek via QuoteMedia

Keep reading... Show less

Top News

Related News