Australia-based iron-ore firm Magnum Mining & Exploration has terminated its OTC-QB listing process and will instead pursue a listing on a major US stock exchange to advance its Buena Vista iron project, in Nevada, US.
The company, which is already listed on the ASX, has appointed New York-based law firm Ellenoff Grossman & Schole to provide legal advice for listing the company in the US.
Magnum said in November it was considering a fast startup option for its Buena Vista iron project, which will deliver earlier cash flows based on accessing higher grade portions of the existing resource.
As part of the short-term expedited development plan, the company has developed a five-year mine schedule, delivering 2.5-million tonnes a year of ore to the beneficiation plant, supporting an average of 800 000 t/y of concentrate production.
The expedited development option will have average ore grades of 29.1% iron over the five years.
The scoping study for the project is based on a production rate of 1.6-million tonnes a year of magnetite concentrate over a mine life of 25 years.