- Macarthur Minerals (MIO) releases its first quarter update for 2022, highlighting accelerating exploration activities at its Lake Giles iron project in Western Australia
- The company has now completed the study phase of the project and will shift its focus towards the delivery and financing stage
- Looking ahead, MIO is aiming to advance its project schedule as well as secure key partnerships for the development of key infrastructure
- It is also hoping to upgrade its listing on the Toronto stock exchange from the TSXV to the TSX this year
- Shares are trading flat today at 34.5 cents each
Macarthur Minerals (MIO) has released its first quarter update for 2022, highlighting accelerating exploration activities at its Lake Giles iron project in Western Australia.
During the period, the company undertook a feasibility study, which supported a maiden ore reserve of 237 million tonnes for a 25-year mine life.
A study was also completed for a 3 million tonnes per annum (dry basis) magnetite mining and processing operation.
It has now completed the study phase of the project and will shift its focus towards the delivery and financing stage.
Looking ahead, MIO is aiming to advance its project schedule as well as secure key partnerships for the development of key infrastructure.
“There has been speculation across the investor community around the company seeking to finance the magnetite project using equity, this is not the Board’s intent,” Chairman Cameron McCall said.
“The Strategic Partnering Board subcommittee is seeking partners for project financing.”
Partnerships are also being sought out to advance works at its lithium brine claims in the US.
It is also aiming to upgrade its listing on the Toronto stock exchange from the TSXV to the TSX this year.
Shares were trading flat today at 34.5 cents each at 11:14 am AEST.