Iron Bear iron-ore project, Canada
Photo by ©Bloomberg
Name of the Project
Iron Bear iron-ore project.
Location
Near the provincial border of Newfoundland and Labrador, and Quebec, Canada.
Project Owner/s
Australia-based mineral investment, exploration and evaluation company Cyclone Metals.
In February 2025, Cyclone Metals signed a binding commercial agreement with Brazilian multinational corporation Vale regarding the joint development of the project.
Under the terms of the agreement, it has the right to provide up to $138-million of funding for the project in two phases and earn 75% of the project. Should Vale proceed to mine, it can elect to acquire the remaining 25% of the Iron Bear project at fair market value or carry Cyclone to production with no dilution.
Project Description
The project has a mineral resource of 16.6-billion tonnes containing 29.3% total iron and 18.2% magnetic iron at a cutoff grade of 12.5% magnetic iron.
The project envisages the production of strategic low-carbon direct reduction pellets with excellent physical and metallisation properties and ultralow deleterious elements.
Potential Job Creation
Not stated.
Net Present Value/Internal Rate of Return
Not stated.
Capital Expenditure
Not stated.
Planned Start/End Date
Not stated.
Latest Developments
None stated.
Key Contracts, Suppliers and Consultants
Not disclosed.
Contact Details for Project Information
Cyclone Metals, tel +61 8 9380 9555 or email ir@cyclonemetals.com.
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