Sign up Australia
Proactive Investors - Run By Investors For Investors

Strike Resources to update on Apurimac iron ore JV in Peru

Strike Resources to update on Apurimac iron ore JV in Peru

Strike Resources (ASX:SRK) is set to provide an update on its Apurimac iron ore joint venture in Peru and has requested a voluntary suspension from the ASX until 31 December 2012.

Strike's two principal projects in the bulk commodities market include the Apurimac and Cusco iron ore projects in Peru, with the Apurimac in the pre-feasibility stage.

It is hoping to establish a 15 million tonne per annum operation in Peru based on current iron ore resources totalling 374 million tonnes and potential access to additional resources of 178.6 million tonnes held by Cuervo in Cusco, all with significant upside.

Strike holds warrants in Canada-listed Peruvian explorer Cuervo Resources , which if exercised, will allow it to acquire up to 49% of Cuervo.

The joint venture Apurimac Ferrum holds concessions covering almost 600 square kilometres of highly prospective ground with the most advanced project, Opaban, containing iron ore resources totalling 269 million tonnes at an average grade of 57.3% iron.

Though Strike has a 50% interest in the project via a 50% shareholding in Peruvian company Apurimac Ferrum, which holds the project's mineral concessions, Strike now has the option to to buy joint venture partner D&C's shares in Apurimac Ferrum.

Strike emerged as a "shootout" winner and can now move to a 100% ownership of Apurimac Ferrum after the JV partners failed to purchase all of Strike's shares and repay Strike's loans by 15 November 2012.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

Register here to be notified of future SRK Company articles
View full SRK profile View Profile

Strike Resources Timeline

Related Articles

September 05 2017
Black Iron's potential costs have fallen significantly at the Shymanivske iron ore project in Ukraine, and the risk has fallen away too
May 19 2017
Strategic Minerals has a diversity of assets, including the Cobre magnetite operation in New Mexico and the Redmoor tin and tungsten project in Cornwall
September 05 2017
Bushveld Minerals is rapidly emerging as a significant player in vanadium

© Proactive Investors 2017

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use