New York, New York-based Iron Mining Group, Inc. announced Thursday that its wholly-owned subsidiary, Heirro IMG Mexico, S.A. de CV (IMG Mexico) has signed an agreement with Minera BarraNava to explore new iron ore deposits in Mexico.
IMG Mexico anticipates that the geology study of the new properties, as well as final permits will be granted within four months.
In accordance with the agreement, IMG Mexico will pay Minera BarraNava a royalty of $10/mt of iron ore sold through the agreement, as well as a 35 percent profit share of all iron ore mining profits generated thereafter.