TerraCom looks at Guinea iron-ore
PERTH (miningweekly.com) – ASX-listed TerraCom has inked a non-binding memorandum of understanding (MoU) for the potential acquisition of the Kalia iron-ore project, in the Republic of Guinea.
“While we are in the early days of the due diligence process, the company is excited to be working towards an acquisition within one of the world’s leading countries, in terms of iron-ore and bauxite resources available for exploitation,” said executive chairperson Craig Ransley.
“The company looks forward to working with all stakeholders on accelerating the satisfaction of the conditions precedent under the MoU, and then working to recommence operations as soon as possible.”
The Kalia project has an exploration target of 4.7-billion tonnes of magnetite bonded iron formation, some 900-million tonnes of oxide and supergene banded iron formation targeting ferronickel, and a 20-km-long magnetite strike.
TerraCom said that while the focus would initially be on restarting production as soon as possible, targeted at domestic customers, the company would also assess the most economic way to increase production to meet global demand.
“This opportunity further cements the company’s business diversification strategy to become a global bulk commodities producer,” said Ransley.
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