BEIJING (Asian Metal) 11 Feb 20 – On February 10, Canadian-based Strategic Resources Inc. announced that it has successfully applied for Reservations over the Mustavaara mine area in Finland. The Company has also signed a definitive agreement with the bankruptcy estate of Ferrovan Oy to acquire all of the intellectual property, core samples and storage facilities associated with Mustavaara for €150,000.
Closing of the agreement will be subject to certain conditions, with the main condition being the granting of fully valid Reservations from the Finnish mining authority, Tukes. Strategic Resources expects that this should occur in or around the second quarter of this year.
Mustavaara is a large vanadium-iron-titanium deposit, which was mined by the Finnish state company Rautaruukki Oy between 1976 and 1985. Mining was suspended due to adverse market conditions and the processing facilities were dismantled in 2001.
Ferrovan commissioned Poyry Finland Oy to complete a Pre-Feasibility Study (“PFS”) for the project in 2011. The resulting 2012 PFS outlined a project that would have a concentrator near site and a smelting plant located close to the coast in the city of Raahe. The PFS was based on a reserve of 97 million tonnes at 13.8% magnetite and 0.91% vanadium in concentrate in the Probable reserve category.
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