Australia-based resource company TerraCom Limited is set to acquire the Kalia Mine Project in the Republic of Guinea, one of the world’s leading countries in terms of undeveloped iron ore and bauxite resources.
Located in the Faranah Prefecture, Kalia comprises an ore body targeting 4.7 billion tonnes of magnetite banded iron formation; 900 million tonnes oxide and supergene banded iron formation targeting ferronickel; and a 20 kilometre long magnetite strike, demonstrating the development resource potential of up to 8 billion tonnes of magnetite banded iron formation.
The company said that whilst it would initially focus on recommencing production as quickly as possible (targeting domestic users of iron ore), it would also, in parallel, assess the most economic means to increase production to meet the growing global demand.
TerraCom Executive Chairman Craig Ransley said the company was 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.
“The Company looks forward to working with all stakeholders on accelerating the satisfaction of the conditions precedent under the MOU, and then working to recommence operations as soon as possible,” Mr Ransley continued.
“This opportunity further cements the Company’s business diversification strategy to become a global bulk commodities producer.”