Royalty covering future mine production
SunMirror has acquired Pharlap Holdings Pte Ltd, which has a royalty covering future mine production from the MCC Australia Sanjin Mining Pty Ltd (ASX-“MCC”) Retention Licence (“R”) R47/18, their Cape Lambert Magnetite Project (also known as Cape Lambert North).
Cape Lambert is located approximately 20km east of Karratha and 8km west of Roebourne in Western Australia. Access to the tenement is via the North West Coastal Highway which passes through the tenement. Access to the project area is via a well-defined station track which joins the highway 30km east of Karratha and 1km west of the Rio Tinto rail line.
The publicly quoted resources by MCC on R47/18 total 1.9 billion tonnes of which there are 1.4 billion tonnes of Indicated and approximately 0.5 billion tonnes Inferred at an average grade of 30.7% Fe. The Pharlap Holdings Pte Ltd royalty on the MCC Cape Lambert Magnetite project is $0.50/ tonne of all minerals including magnetite ore.