Iron Bear Resources (ASX:IBR) said Vale has paid the fourth tranche of $2 million toward its phase 1 contribution under the binding development agreement for the Iron Bear iron ore project, according to a Wednesday Australian bourse filing.

The company said its subsidiary Iron Block 103 Corporation currently holds AU$3.6 million in cash to develop the Iron Bear project, with Vale having contributed $16.7 million to advance the project, and the last tranche of $1.3 million expected to be received in July.

The company's shares rose 3% in recent Wednesday trade.