Cameron McCall, Executive Chairman and President of Macarthur Minerals (TSXV:MMS, ASX:MIO) sat down with Sonia Madigan from The Market Herald to discuss the optimistic feasibility study results on the Lake Giles Project.
According to McCall, the biggest challenge the company is facing is its pursuit to secure a strategic partner. The company has seen a lot of interest so far and has contracted EAS consulting to help develop Lake Giles Project.
Macarthur has finished a feasibility study for the project and is now focusing on securing a partner to aid in building and financing which it believes will be an easy sell given the grades seen from the feasibility study.
The company released its study results earlier this spring which confirmed an economically viable project producing 3 million tonnes per year of high-grade magnetite concentrate over a 25-year mine life.
Macarthur will use existing rail and port access to help deliver a “premium concentrate” product with a 66 per cent iron purity rate.
The company is projecting an initial capital investment of US$569 million with a mine pre-production capital of US$43.8 million.
The company’s outlook for this project is positive as it is bullish on the sector with magnetite iron ore being ideal for green steel and furnace manufacturing.