Anglo American has signed a financing and off-take agreement with Hancock recently.
We have Bill back on the Share Talk platform to update holders on yet another major stridden forward for the company.
Alien Metals Ltd. (AIM: UFO) stated that it had entered into a Heads of Agreement binding with Mallina Exploration Pty Ltd in order to acquire a strategic Tenement. This tenement is currently being applied with the Department of Mines and will be bound by Australia’s Hancock iron ore mine project.
Alien also applied for two additional exploration licenses in the Hancock area: ELA47/4605, or ‘Hancock West,’ and ELA47/4817, or ‘Hancock Northwest, which offer future opportunities for resource growth.
Alien Metals chief executive Bill Brodie Good stated, “This is a strategic acquisition of the Tenement Application located on the Southwest boundary of Hancock.”
This is the best route for the haul road that will allow the iron ore to be extracted from Hancock and transported to market using the shortest route possible. We can include all geotechnical work on the haul road because of our farm-in commitment. This is therefore considered to be within the project budget. He said this is an additional significant step in de-risking our project and giving us complete control to put the project into production.”
The plan is to start mining at Hancock in the next year. Anglo American PLC has signed a Hancock funding and off-take agreement
Hancock has a 10.4mln-tonne gross JORC-compliant Inferred Mineral Resource at 60.4% Iron.