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Cyclone Metals Ltd ( (AU:CLE) ) has issued an update.
Cyclone Metals Ltd has ratified a Memorandum of Understanding with Vale S.A. for the development of its Iron Bear iron ore project in Canada. This agreement outlines a strategic partnership with a phased investment plan, potentially allowing Vale to gain significant equity interest and operational control, marking a crucial step in advancing the project. In addition, Cyclone completed its pilot pellet production run at COREM’s facility in Quebec, achieving world-class specifications for direct reduction pellets. The company has initiated small-scale industrial production, focusing on delivering high-grade iron ore concentrate and pellets, which are critical for steel production, positioning Cyclone favorably in the iron ore industry.
More about Cyclone Metals Ltd
Cyclone Metals Ltd is a company focused on developing its Iron Bear iron ore project in the Labrador Trough region of Canada. Additionally, the company holds investments in exploration and mining projects, providing exposure to gold, lithium, and copper.
YTD Price Performance: -6.67%
Average Trading Volume: 15,648
Technical Sentiment Consensus Rating: Buy
Current Market Cap: €33.9M
See more data about CLE stock on TipRanks’ Stock Analysis page.
