Australian iron ore development company BC Iron and Australian mine developer Cleveland Mining have pushed forward with their intent to acquire an interest in three iron ore projects in Brazil, by converting into a binding agreement their memorandum of understanding (MoU) to acquire a shareholding of up to 80 percent over three separate early stage projects in the Brazilian states of Bahia and Minas Gerais, allowing both companies to proceed with the acquisition through earn-in agreements based on staged payments and key project milestones.
In the meantime, BC Iron also announced today, September 19, that the Western Australia-based Nullagine Iron Ore Joint Venture, its 75:25 joint venture with Australian miner Fortescue Metals Group, has now shipped more than 10 million metric tons of iron ore fines since exports commenced in February 2011.