Radar on the cash hunt for Mt Ruby development
PERTH (miningweekly.com) - ASX-listed junior Radar Iron has started discussions with a number of potential investment partners to fund the acquisition and development of the Mount Ruby direct shipping ore (DSO) project, in far north Queensland.
Earlier this month, Radar announced that it had acquired a 51% interest in the project, which had an exploration target of between 8-million and 27-million tons, grading between 57% and 68% iron.
Under the terms of the transaction, Radar was expected to make a cash payment of A$5-million, and spend a further A$3-million on project development. The company would also issue ordinary shares to the value of A$1-million upon the announcement of a Joint Ore Reserves Committee-compliant resource with a minimum grade of 60%, and the start of mining.
Radar and project partner Developed Iron Ore would form a joint venture to explore the high-grade DSO mineralisation at Mount Ruby, with mining planned for the second half of 2013 at a rate of 600 000 t/y, with approvals in place or pending.
Developed Iron Ore had already completed project evaluation and mining studies, and agreements were in place to enable transport through the Port of Mourilyan.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
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















