Alien Metals Ltd (AIM:UFO, OTC:ASLRF) said it formed a dedicated new company to help accelerate the development of its Hancock and Brockman iron ore projects in the Pilbara region of Western Australia.
The new wholly owned subsidiary - Iron Ore Company of Australia Pty Ltd (IOCA) - has already started to build a strong Perth-based management team.
IOCA has engaged a boutique environmental company, Green Values Australia, to undertake the necessary studies and permitting requirements to convert the exploration licence for the Hancock tenement to a mining lease.
"With the third phase of drilling at Hancock started and our Country Manager, Lloyd Edmunds, continuing drive on the permitting and development aspects, we are very pleased with the progress and continue to push Hancock to be 'shovel ready' as soon as possible,” said chief executive Bill Brodie Good.
Alien also said talks have started with interested parties regarding possible offtake agreements for its iron ore and that IOCA has been encouraged by the strong interest in higher grade iron ore projects as markets look to reduce their environmental footprints.