18th Sep 2013 10:37
LONDON (Alliance News) - Anglesey Mining PLC Wednesday said Labrador Iron Mines Holdings Ltd, in which it owns a 15% stake, has finalised a joint venture agreement with Tata Steel Minerals Canada Ltd. for the exploration and development of Labrador's Howse iron ore deposit in the Schefferville region of the Labrador Trough.
Under the deal, Tata Steel Minerals has acquired an initial 51% participating interest in the Howse Property for a total cash consideration of USD30 million, it said.
Anglesey Mining shares were up 15% at 6.62 pence Wednesday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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