Australia-based company Astra Resources has announced that it has acquired the Joma Minerals Project, a concentrated metal ore mine located in Lake Hudningsvatnet, near Norway's Swedish border.
The acquisition, signed through Astra's subsidiary MidAst Investment Group LLC, gives Astra operational control and 90 percent ownership of the operation. Astra stated that it will form a Norwegian subsidiary to manage, own, and operate the asset and licenses.
According to Astra's statement, deposit registrations indicate that iron ore, copper, zinc, gold and silver resources are all present in the acquisition area. There will be no need for mining, crushing and milling since the ore is already extracted and defined, eliminating the need for expensive equipment and high start-up costs. The enrichment process that is planned will result in 63 percent iron ore.
Astra has offered 50 million Astra shares in consideration for the Norwegian metal ore mine.