Australian iron ore company Cyclone Metals has announced its acquisition of the Block 103 Magnetite Iron Ore Project in the heart of the Labrador Trough iron belt in Quebec, Canada, through the acquisition of Labrador Iron Pty Ltd.
Block 103 covers 7,275 hectares and, according to Cyclone Metals, is the largest undeveloped magnetite iron ore project in the world, with a historical mineral resource estimate of 7,200Mt at 29.2% iron.
The Labrador Trough is one of the largest iron ore belts in the world and accounts for 99% of Canada's iron ore.
''The green transition and global targets towards net-zero carbon emission have made magnetite ore more desirable as it will be pivotal in emissions reduction for the iron ore and steel industries.’’Tony Sage, Cyclone Metals executive director
“We are very pleased to announce the acquisition of such a high-potential magnetite iron ore project in close proximity to other major iron ore producers and developers in a world-class mining province and a Tier 1 jurisdiction of Newfoundland and Labrador, Canada,” Cyclone Metals executive director Tony Sage said, adding that 'the green transition and global targets towards net-zero carbon emission have made magnetite ore more desirable as it will be pivotal in emissions reduction for the iron ore and steel industries.’