On September 20, Canada based two mining company, Century Iron Ore Holdings Inc. and Altius Minerals Corporation, annouced that they inked a partnership agreement to jointly develop four of Altius' regional iron ore projects in the Labrador.
Under the Agreements, Century will acquire a 100 percent interest in the four projects and in return will pay exploration expenditures of $7 million per project and the issuance of 5 million Century shares cumulatively over a 5‐year period.
Altius has been prospecting for iron ore in western Labrador since 2003 and is the largest exploration license holder in the district and in the Province of Newfoundland and Labrador. Century is also currently developing the Duncan Lake, Attikamagen and Sunny Lake projects in Quebec with joint venture partner Wuhan Iron & Steel of China, which holds a 25 percent stake in Century