- TerraCom’s (TER) subsidiary executes a non-binding memorandum of understanding (MOU) for the acquisition of the Kalia Mine Project
- Kalia lies in the Republic of Guinea, one of the world’s leading countries in undeveloped iron ore and bauxite resources
- The MOU is subject to customary conditions, including but not limited to due diligence and regulatory approvals
- TerraCom’s initial focus will be to restart production, however it will also assess the most economic means to increase production
- TerraCom is up 6.67 per cent on the market with shares trading at 16 cents at 11:42 am AEST
TerraCom’s (TER) subsidiary has executed a non-binding memorandum of understanding (MOU) for the acquisition of the Kalia Mine Project.
The MOU is subject to customary conditions including but not limited to due diligence and regulatory approvals.
Kalia lies in the Faranah Prefecture in the Republic of Guinea, one of the world’s leading countries in undeveloped iron ore and bauxite resources.
It hosts a 20 kilometre-long magnetite strike and an orebody with 4.7 billion tonnes of magnetite banded iron formation.
TerraCom’s initial focus will be to restart production, however it will also assess the most economic means to increase production.
Despite being in the initial stage, Executive Chairman Craig Ransley is excited about the potential.
“Whilst we are in the early days of the due diligence process, the company is excited to be working towards an acquisition within one of the world’s leading countries in terms of iron ore and bauxite resources available for exploration,” Mr Ransley commented.
“This opportunity further cements the company’s business diversification strategy to become a global bulk commodities producer.”
TerraCom was up 6.67 per cent on the market with shares trading at 16 cents at 11:18 am AEST.