Business
IOCA Update
IOCA Update.
About this update from Alien Metals Ltd
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Trading Symbols\n \n \n \n \n AIM: UFO\n \n \n \n \n FWB: I3A1\n \n \n \n \n 24th October 2022\n \n \n \n \n \n \n \n \n \n Alien Metals Ltd\n \n \n \n \n (\"Alien\" or \"the Company\")\n \n \n \n \n \n \n \n \n \n IOCA update: progressing towards becoming an Iron Ore miner\n \n \n \n \n \n \n \n \n Alien Metals Ltd (LSE AIM:UFO), a global minerals exploration and development Company, is pleased to provide an update on its wholly-owned subsidiary Iron Ore Company of Australia Pty Ltd (\"IOCA\"), including progress on the Company's flagship project, the Hancock Iron Ore Project (\"\n Hancock\" or the \"Project\")\n , which is anticipated to start production in 2023. This follows on from management's recent site visits to all the Company's Australian projects and the first under new Chairman, Roderick McIllree\n \n \n \n \n \n \n Highlights:\n \n \n \n \n ·\n Signed exclusive agreement with Anglo American to finalise a US$15 million funding package and 100% of offtake ahead of the commencement of production in 2023\n \n \n ·\n Updated terms of the option to acquire a 90% interest in the Hancock and Brockman tenements\n \n \n ·\n Metallurgical test work programme completed with optimised and simple flow sheet identified\n \n \n ·\n Heritage clearance expected in Q4 2022\n \n \n ·\n Mining licence expected to be granted in Q1 2023\n \n \n ·\n Tenders received for mining, crushing, screening and transport logistics with preferred party contract selection due in Q4 2022\n \n \n ·\n Department of main roads approval for construction of mine road intersection with the Great Northern Highway\n \n \n ·\n Expected availability at Port Headland's Utah Point ship loading facilities indicated to coincide with mining\n \n \n ·\n Approval to get tenement ELA47/3752 granted started, initial CP for acquisition from Mallina already completed\n \n \n ·\n Discussions ongoing with several strategic partners on the Company's other iron assets\n \n \n ·\n Appointment of highly experienced management team for IOCA in process\n \n \n ·\n Large potential for mine life beyond the initial expected current life of mine at Hancock still to be tested\n \n \n ·\n Rationalisation of the Company's portfolio ongoing\n \n \n \n \n \n \n Roderick McIllree, Ch...