London-listed miner Alien Metals has announced it is expanding its interest in Australia’s Hamersley iron ore projects from 50 to more than 90 percent.
The latest development comes as iron ore prices surged to record highs of more than US$217 per tonne this week, the company said in a state-ment.
"The excellent initial assay results we've seen from our maiden drilling program on the Hancock licence, recent field work carried out on both licences, and along with the continued surge in demand and price for Iron Ore, have underscored the rationale for this acquisition and we are de-lighted to be increasing our stake in the Hamersley Project to over 90%,” said Bill Brodie Good, the chief executive and technical director of Alien Metals.
The Hamersley projects consist of the. Hancock and Brockman licences located in Pilbara, in Western Australia.