Vale Funds Final Tranche for Iron Bear Project
Key points
- Vale has paid the final USD$1.3m funding tranche for Iron Bear Project
- Total funding from Vale reaches USD$18m
- Iron Bear Resources has USD$2.3m for project development
Full summary
Iron Bear Resources Limited (ASX: IBR) announced that Vale S.A. has disbursed the final USD$1.3 million tranche towards the Phase 1 contribution for the Iron Bear iron ore project. This payment aligns with the operational and funding plan agreed upon with Vale. Iron Bear's subsidiary, Iron Block 103 Corporation, currently holds approximately USD$2.3 million for the project's development, following Vale's total contribution of USD$18 million. The Iron Bear Project, located in Newfoundland and Labrador, Canada, is supported by a Development Agreement with Vale, under which Vale can provide up to USD$138 million across two phases to earn a 75% interest.
Guidance
Vale's total funding for Iron Bear Project reaches USD$18m.
Outlook
Iron Bear Resources anticipates continued support from Vale for the Iron Bear Project, with potential for further funding in Phase 2.
Summary generated by a large language model. Please interpret with care.