UK-based iron ore company Alien Metals has announced that its subsidiary Iron Ore Company of Australia Pty has signed an agreement with UK-based mining giant Anglo American for 100 percent of the offtake from the Hancock iron ore project located in the Pilbara region of Western Australia and US$15 million funding.
Alien Metals will have access to a US$10 million advance payment facility and up to US$5 million in vessel payments for the first 12 months. In return, Anglo American will receive an agreed royalty for the first 24 months as part of the agreement.
Meanwhile, in June this year Alien Metals’ metallurgical test work on iron ore from its Hancock project confirmed high grades at 62.7 percent Fe from the initial bulk sample from Ridge C Resource and the project will commence its first production in 2023, as SteelOrbis previously reported.