Legacy Iron Ore Ltd (AU:LCY) has released an update.
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Legacy Iron Ore Ltd has confirmed to the Australian Securities Exchange that Hancock Magnetite Holdings Pty Ltd’s stake in their joint venture has increased to 51% after a prefeasibility study. The company’s 25-year mine model will initially prioritize indicated resources, with later years relying predominantly on inferred and unclassified resources. Their financial analysis indicates that the projected cash flows from indicated resources alone are insufficient to cover capital expenditures, with the assumption that inferred resources share the same metallurgical properties.
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