Glencore and Russian giant Amur Minerals decided to back an iron ore project in Australia's Northern Territory.
The open-cut pit in the Roper Gulf region had been in maintenance since 2015, before Nathan River Resources took over its management in 2017.
Amur will funnel $4.67 million to gain up to 19% of stake in Nathan River. Amur is a mineral exploration company, focusing on base metals in the Fast East of Russia.
Iron ore is the best performing commodity of 2020, driven by strong demand from China, to serve its mega stimulus policies.
Nathan River also signed long-term offtake agreement with Glencore. "The long-term offtake agreement with Glencore, one of the world’s largest global diversified natural resource companies provides us with security by having a partner of substantial import," Amur chief executive Robin Young said.
Roper Bar iron ore has a 39%-Fe iron ore reserve of 446 million tonnes and 60.1%-Fe ore of 4.76 million tonnes.
(Writing by Alex Guo Editing by Harry Huo)
For any questions, please contact us by firstname.lastname@example.org or +86-351-7219322.