Shares of Cyclone Metals Rise 4% After Vale Pays AU$7.6 Million Tranche For Iron Bear Project
MT Newswires Live
Jul 07
Shares of Cyclone Metals (ASX:CLE) rose 4% in recent Monday trade after it said in a late Friday filing that Vale has paid the second AU$7.6 million tranche toward the joint development of the Iron Bear iron ore project.
The payment is part of an agreement that allows Vale to invest up to AU$209.8 million in two phases to earn a 75% stake in the project, the filing said.
The first phase of the investment involves AU$27.4 million in committed funds to de-risk the project and complete a pre-feasibility study, after which Vale may elect to proceed with phase two by investing an additional AU$182.4 million to advance the project to a decision-to-mine stage, the filing added.
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