Australia's Vortex Pipes Limited has announced that it has entered into option agreements to acquire up to 100 percent of the Snelgrove direct shipping iron ore project located in Newfoundland Labrador, Canada, from Canada-based Cap Ex Iron Ore Limited and Preston Mineral Resources Limited. The project is located adjacent to Australian resources company Mamba Minerals' hematite deposits.
According to Vortex, the option agreement provides the company with an entry point "to potentially secure a foothold in a highly prospective iron ore province". In addition, there is export infrastructure that supports iron ore producers in the region.