Cyclone Metals (ASX:CLE) confirmed that Brazilian mining company Vale paid $6.3 million towards the first phase contribution for the Iron Bear project in Canada, following the execution of an agreement for the joint development of the project, according to a Tuesday filing with the Australian bourse.
The total phase one contribution is $18 million, and the company will receive the complement to the contribution in quarterly payments, the filing said.
Shares fell 2% in midday trade Tuesday.
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