Metalo is an indirect 40% shareholder in a proposed US$408 million premium-purity pig iron smelter to be located in Quebec – targeting first production in late 2020.
Additionally, it indirectly holds 40% of a mineral sands resource in Labrador which has the potential to produce at least 4 valuable minerals: silica quartz, feldspars, garnets, and iron ore.
The proposed pig iron plant will be a global leader in managing emissions from its process using current and proven technologies. It offers an attractive financing case and a strategic location, able to export premium grade pig iron to the Great Lakes or Europe markets – both markets import more than 500,000 tonnes of this grade annually. The North American market imports approximately 5 million tonnes of pig iron per year, primarily for steel mills – the proposed plant for Quebec will produce 425,000 tonnes per annum.
Metalo’s holding in the two projects is through the privately held Grand River Ironsands Incorporated, where Metalo controls 44% of the shares.