News: Charter Pacific Corporation receives substantial shareholding notice

Charter Pacific Corporation (ASX:CHF) has received a notice of initial substantial shareholding from Alimter Pty Ltd, which has a 6.2% stake in the company.

Alimter had acquired 5.5 million shares for a total of $220,000, taking its total holding up to 9,175,000 shares.

The Mauritanian Government is a 20% partner to Charter Pacific's new hematite deposit containing direct shipping iron ore that is adjacent to Exploration Permit 792.

This also increased its total Mauritanian iron ore footprint to 3,246 square kilometres.

The DSO is currently defined as an Inferred Mineral Resource of 12.2 million tonnes at 59% at a cut-off of 54% iron.

It plans to establish a 1 million tonne per annum shipped operation for +10 years. However, this tonnage is likely to be significantly increased if other access routes can be opened.