Petmin invests in Canadian project

摘要

South African miner Petmin has announced details of a USS25M investment in its Canadian iron sands and pig iron joint venture project. The announcement follows a deal signed in September 2010 which gave it the option to invest in North Atlantic Iron Corporation (NAIC), which owns the project in Canada's Newfoundland and Labrador province. NAIC is owned by Petmin and a privately-owned Canadian junior explorer. Petmin has to date invested S3.5M for 10.714% of NAIC and has joint management control of NAIC and the project. A further 9.9% of NAIC may be acquired at Petmin's discretion, at a price to be negotiated. Petmin's directors believe that the project potentially has a lifespan of more than 50 years and aims to produce 500,000 tpa of pig iron during its first phase.