Apollo signs $4m deal to explore Gabon iron-ore project
PERTH (miningweekly.com) – Junior explorer Apollo Minerals has signed a memorandum of understanding (MoU) with an international diversified company to explore and develop the Kango North iron-ore project, in Gabon.
Under the terms of the MoU, the new partner, which has remained unnamed, would earn an effective 50.01% in the project by spending $4-million to expedite drilling and delineation of high-grade direct shipping ore and beneficiable iron-ore at the project.
The two companies would jointly manage the exploration programme.
Apollo currently holds a 70% interest in the project, with third-party minority interests holding the remaining 30%.
The Kango North project is a potential near-term, low-cost development project, and was close to key infrastructure. A Stage 1 mine development concept study was currently being finalised and follow-up field mapping and sampling were also under way.
Formal documentation on the MoU was expected by the end of the first quarter.
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