Macarthur Minerals Limited (TSE:MMS), in which Cadence Minerals PLC (LON:KDNC) has a 15.2% equity interest, has increased its iron ore assets in Western Australia.
Through its wholly-owned subsidiary, Esperance Iron Ore Export Company, Macarthur has added the potential high-grade haematite Mt Manning iron ore project to its portfolio.
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The project is right next door to Macarthur’s Ularring haematite iron ore project and both are close to USA-based Cleveland Cliffs Inc’s (NYSE:CLF) iron ore operations at Southern Cross in Western Australia.
"Macarthur has been seeking to add the Mt Manning iron ore project to its portfolio for some time and we are pleased it has now done so," said Kiran Morzaria, the chief executive officer of Cadence.