IronClad deal
2nd Feb 2012
ADELAIDE, Feb 2 – Iron ore hopeful IronClad Mining has locked up off-take agreements for the first two years’ production from its Wilcherry Hill project in South Australia following a deal with Hong Kong-based resources industry investment group New Page Investments.
New Page Investments, which last month took a A$6M share placement in IronClad, has signed for up to 50% of annual production from the Eyre Peninsula mine for four years.
It follows a similar agreement last year with a Singaporean trading company covering the first two years of production.
Wilcherry Hill, an 80:20 joint venture between IronClad and associate Trafford Resources, is on track to start production in the current quarter. Inaugural shipments of direct shipping ore from Lucky Bay to Chinese steel mills are due to begin in the June quarter.
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