Cyclone Metals (ASX:CLE) signed a memorandum of understanding with Brazilian mining company Vale to develop its Iron Bear project in Canada, according to a Friday filing with the Australian bourse.
The partnership aims to advance Iron Bear to the decision to mine (DTM) stage, with a two-phase investment pathway for Vale to earn up to a 75% interest in the project, the filing said.
Once DTM is achieved, Vale will have the right to acquire full control of the project, subject to shareholder approval, according to the filing.
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