Australian miner Cyclone Metals has announced that Brazilian iron ore miner Vale has paid funds of US$6.3 million towards the Phase 1 contribution to the joint development of Cyclone Metal’s Iron Bear iron ore project in Canada. Vale will allocate a total of US$18 million in the first phase.
Last year, the companies inked a memorandum of understanding for the development of the project, as SteelOrbis previously reported.
Cyclone Metals will receive the complement to the Phase 1 contribution in quarterly payments. “We are planning a large drilling program of 24,000 m between June and November this year,” Paul Berend, CEO of Cyclone Metals, commented.
