Long long long time ago, they were very close to arranging finance for a 3m/t per year mine with off takes to go into the local brazilian steel industry, i think they had grades of around 68%. Atlas was a major shareholder with around 20% and iron ore was close to $120. I think they had roughly a seven year mine life, and they were at the very least well beyond the pre feasibility stage. This tenament is still in their portfolio and has often been mentioned as a potential fund raiser if sold. It fell away as did Atlas with the colapsing of the iron ore price.
Long long long time ago, they were very close to arranging...
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