Glencore in Joint Venture with Iberian Minerals for Spanish Iron Ore Project
Natural resource giant Glencore has entered a joint venture agreement with Canadian junior mining company Iberian Minerals in respect to the Cehegin Iron Ore Project in the Spanish Province of Murcia.
Glencore has taken a 20 percent stake in the operation as outlined in May 2014, which will now see the partnership commence with exploration and development studies with an ultimate view of building a new iron ore mine.
The Cehegin Iron Ore concessions were formerly owned and operated by the Spanish Ironworks company Altos Hornos de Vizcaya (AHV), the largest industrial company in Spain for much of the twentieth century.
In 1975, all 62 concessions were grouped together into one single subsidiary of AHV called Agrupacion Minera, who exploited one of the open pit mines, Mina Maria, for its own needs until 1989.
The site is home to historically high quality iron ore concentrate with low impurities and is 115 kilomters from the Port of Cartagena, with a connecting rail link just 14 kilometers from Cehegin.
Iberian Minerals, formerly known as Solid Resources, is a Canadian junior mining company focused in Spain on the exploration and development of rare and industrial metals.
Glencore’s industrial and marketing activities are supported by a global network of more than 90 offices located in over 50 countries. Their diversified operations comprise over 150 mining and metallurgical sites, offshore oil production assets, farms and agricultural facilities. They employ approximately 200,000 people, including contractors.
More details on the project can be found here: http://www.iberianminerals.ca/index.php?p=1_112_Overview
