This asset had a PEA in 2012, and did not get a bite of even initial funding. No funding, the project becomes a liability. The iron ore price tanked. The previous owners did a second try using DSO material and significantly less quantity, less CAPEX and less OPEX. That try did not get a bite of funding. Again, no funding the project is a liability.
The adjacent properties with TATA in the mix could not get up. A couple of other projects further north are still trying to get funding. They are going through a slow burn. The immediate adjacent properties have higher impurities and are in swamp country. These properties are available for the right price, I reckon that you could buy them for the same price that CLE did with a similar resource quantity.
Paul saw this and saw potential that the former owners did not. They were desperate for money, so much so that they have not hung around and sold all their shares at $0.001.
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