Eastern Iron Ltd. kicked off a desktop review of the feasibility of mining and producing iron ore from its wholly owned Nowa Nowa project in eastern Victoria, Australia.
The review was driven by high-level external interest in the project, according to an Oct. 21 statement.
The company said it has identified potential ports for handling and loading iron ore for export, including the wharf and loading facility operated by Pentarch Logistics Pty. Ltd. at Edrom, New South Wales.
Eastern Iron entered into a nonbinding memorandum of understanding with Pentarch to conduct investigations before entering into a commercial agreement.
Meanwhile, the company mutually agreed to extend its option to acquire Ion Mining Pty. Ltd. and its Przecznica cobalt project in Poland, extending the date to satisfy the deal's conditions to three months after the tenement has been granted. The company noted delays in the grant of the tenement to Ion Mining.