West Perth, Australia-based copper and gold mining company Centaurus Metals announced on June 17 that it has acquired a new iron ore project in southeastern Brazil.
The project will underpin Centaurus' strategy to export 1-2 million metric tons per annum of high-grade hematite to the international markets by mid-2014. Centaurus will pay a total of US$3 million for the granted exploration lease.
The initial exploration target of the project is 30 to 50 million metric tons. It is estimated that the outcropping itabirite mineralisation will grade between 35 percent and 45 percent Fe and beneficiate to a high grade (+64 percent) hematite product.
Centaurus will focus its initial exploration activities to develop a project capable of producing iron ore for international export markets. Work on gaining environmental and mining approvals will commence immediately.