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- Macarthur Minerals (MIO) says it had a productive September quarter as it focused on planning the development of its Lake Giles iron project in WA
- The company appointed a Strategic Sub-Committee to help plan the project’s development and associated infrastructure
- Macarthur also appointed Ryan Walker to the board who is Chair and Co-founder of QLD-based coking coal producer, Vitrinite
- Additionally, the company increased its holding in spin-off company Infinity Mining to 21.56 per cent through an on-market purchase of one million shares
- MIO shares end the day 19.2 per cent in the green at 15.5 cents
Macarthur Minerals (MIO) reportedly had a productive September quarter as it focused on planning the development of the Lake Giles iron project in Western Australia.
During the quarter, the company appointed a Strategic Sub-Committee to help it plan for the development of the Lake Giles project and associated infrastructure.
Macarthur is primarily focused on formalising strategic partnerships to commercialise the project and is currently in discussions with multiple parties around the world to potentially add capital and technical capabilities to Lake Giles.
The company is also examining the potential to advance a program of works for its wholly-owned lithium brine mining claims which cover 18 square kilometres in Railroad Valley in the US state of Nevada.
The September quarter also saw some changes to the board with Mr Joe Phillips retiring from the board at the end of August. Mr Phillips is still working with the company and is involved in its Strategic Sub-Committee.
He also remains the Executive Chair of Macarthur’s spin-off company, Infinity Mining, which was established last year to focus on MIO’s non-core renewable energy assets.
Macarthur recently increased its holding in Infinity Mining to 21.56 per cent through an on-market purchase of one million shares.
Joining the board during the quarter was Mr Ryan Walker. Mr Walker is Chair and Co-founder of Vitrinite which is a premium-hard coking coal producer in Queensland’s Bowen Basin.
He has held a number of leadership positions and has significant industry experience which the company said gives him an in-depth understanding of the needs of mining companies, particularly publicly-listed junior mining companies.
MIO shares ended the day 19.2 per cent in the green at 15.5 cents.
