- Eastern Iron (EFE) heads up a memorandum of understanding with Pentarch Logistics to export from the Nowa Nowa Iron Project in Victoria
- Under the arrangement, Pentarch would export up to 1.5 million tonnes of product per annum from the Port of Eden
- The deal is yet to be cemented into a commercial agreement, but EFE says the parties will look to enter negotiations
- The port is located 234 kilometres from the project, which is situated in the Nowa Nowa townships in East Gippsland Victoria
- Eastern Iron shares closed today’s session in the grey to trade at 1.6 cents
Eastern Iron (EFE) has headed up a memorandum of understanding with Pentarch Logistics to export from the Nowa Nowa Iron Project in Victoria.
The Nowa Nowa Iron Project is situated approximately seven kilometres north of the Nowa Nowa township in East Gippsland, with the Port of Eden located 234 kilometres from the project.
Under the arrangement, Eastern Iron would export product from the project using the port facilities at the Port of Eden operated by Pentarch, but the deal is yet to be cemented via a commercial agreement.
Pentarch has agreed to export up to 1.5 million tonnes per annum from the Port of Eden and will both work to investigate side modification and operating procedures for storage, product handling and loading.
Eatern Iron said the parties will enter into negotiations which are hoped to finalise with a binding commercial agreement.
Resources drilling was last carried out during March 2014.
Eastern Iron shares closed today’s session in the grey to trade at 1.6 cents.