Cyclone Metals Ltd (AU:CLE) has released an update.
Cyclone Metals Ltd has signed a Memorandum of Understanding with Vale S.A. to develop the Iron Bear iron ore project in Canada, outlining a strategic partnership with investment phases for Vale to earn a controlling interest. Under the agreement, Vale will initially invest up to USD 18 million for development activities, with the potential to increase its stake through further investment. This collaboration aims to leverage Vale’s operational expertise and financial resources to advance the project’s potential.
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