Century completes acquisition of Altius’ Labrador iron ore projects

Canada-based mining company Century Iron Ore Holdings Inc. (Century) has completed the acquisition of four regional iron ore projects of another Canadian mining company Altius Minerals Corporation (Altius).
 
As SteelOrbis previously reported, Century and Altius had signed a partnership deal according to which Century agreed to acquire a 100 percent interest in the four projects in the Labrador region in consideration for share payments to Altius over a five-year period. Century will also incur exploration expenditures on the projects in a minimum amount of $28 million.
 
According to the royalty agreement between the two companies, Century will pay a sales royalty to Altius ranging from one percent to four percent in respect of iron ore produced from the projects.