DJ Rare Earth Minerals PLC Macarthur Minerals Update
RNS Number : 1581S
Rare Earth Minerals PLC
16 December 2016
Rare Earth Minerals Plc
("Rare Earth Minerals" or "REM")
Macarthur Minerals Update
Rare Earth Minerals Plc (AIM/ISDX: REM; OTC: REMMY)) is pleased to report that Macarthur Minerals ("Macarthur") in which REM owns a 16.56% shareholding, has announced that it is receiving renewed interest in its two iron ore projects in Western Australia. The full Macarthur announcement can be found at:
Macarthur Minerals Limited (TSX-V: MMS) (the "Company" or "Macarthur Minerals") is pleased to announce that the Company is receiving renewed corporate interest in its two iron ore projects in Western Australia with recovery of the iron ore price from its historic lows of US$38.30[i] (approximately A$53) a tonne in December 2015 to a spot price today to US$82 (A$111) a tonne[ii]. The Ularring Hematite Project is a "shovel ready" project as it has full State and Australian Government environmental approvals to develop an iron ore mine and associated infrastructure.
David Taplin, President, CEO and Director of Macarthur Minerals, commented:
"There is real potential for our iron ore assets to again add considerable market value in the future, with the Company having previously spent over $60 million to develop them, including the hematite project to a "shovel ready" stage. Our advanced iron ore projects for hematite and magnetite remain very valuable assets, which in 2011, gave the Company a market capitalisation of approximately C$165 million. Both iron ore projects are located within 100 kilometres of a railway line, which currently transports iron ore to export facilities at the Port of Esperance in southern Western Australia. We are now observing good indications that the price of iron ore has recovered from its 2015 low of US$38.30 per tonne to a spot price today of US$82 per tonne with the advantage of a favourable exchange rate due to deprecation of the Australian dollar against US dollar."
For further information, please contact:
Rare Earth Minerals plc +44 (0) 207 440 0647
WH Ireland Limited (Nomad & Broker) +44 (0) 207 220 1666
Square1 Consulting +44 (0) 207 929 5599
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.
[i] Jasmine Ng, 'Iron ore sheds 4.3pc on week, ending at record low', Australian Financial Review, Dec 12, 2015.
[ii] Australian Financial Review, December 13, 2016.
This information is provided by RNS
The company news service from the London Stock Exchange
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December 16, 2016 12:03 ET (17:03 GMT)