Australian TerraCom Limited’s subidiairy has concluded a non-binding MoU for the acquisition of the Kalia Mina Project in the Rebublic of Guina.
TerraCom executive chairman Craig Ransley said: “Whilst we are in the early days of the due diligence process, the company is excited to be working towards an acquisition within one of the world’s leading countries, in terms of iron ore and bauxite resources available for exploitation.
“This opportunity further cements the company’s business diversification strategy to become a global bulk commodities producer.”
TerraCom plans to initially focus on restarting production from the project as expediently as possible. It intends to target domestic iron ore users.
The Kalia project has an exploration target of 4.7-billion tonnes of magnetite bonded iron formation, some 900-million tonnes of oxide and supergene banded iron formation targeting ferronickel, and a 20-km-long magnetite strike.