Northern’s Sydvaranger Iron Project in Norway is expected to have a long life for iron yield
Sarah Wolfe
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As part of its plan to diversify its commodity base, Singapore’s OM Holdings has purchased a 10 percent stake for $41 million in Northern Iron of Perth, Australia.
Originally formed to acquire the Sydvaranger Iron Project in Northern Norway - to develop magnetite iron concentrate for supply to the European market - Northern Iron will give 28.25 million shares to OM at AU$1.45 per share. Peter Toth, OM Holdings CEO, will additionally join the Australian company’s board, according to Australian Mining.
OM Holdings has publicly stated it believes the Sydvaranger iron ore mine could have a long production life and that funds for the acquisition will come from existing funds as well as additional financing options.
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Mining Australia
(Edited by Kevin Doyle)