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Cyclone Metals Secures $18M Vale Backing, Advances Iron Bear to Pilot Production
8:17am on Thursday 30th of January, 2025 AEDT
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Mining
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Cyclone Metals Secures $18M Vale Backing, Advances Iron Bear to Pilot Production
8:17am on Thursday 30th of January, 2025 AEDT
Key Points
Signed Memorandum of Understanding with Vale S.A. for Iron Bear development
Vale to invest up to USD 18 million in Phase 1 de-risking studies
Pilot production of world-class direct reduction pellets completed
Vale may increase ownership to 75% upon Decision to Mine or USD 120 million investment
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