FeOre aims for first rail haulage of Mongolian iron ore within two years, admitted to the ASX
FeOre (ASX: FEO), a Mongolia-focused iron ore explorer, has been admitted to the ASX today following a successful initial public offer of up to 140 million shares at A$0.25 to raise up to $35 million.
The company will have just over 200 million shares on issue when it hits the ASX boards at 11am (AEDT) tomorrow, Thursday 15 December.
FeOre will use the funds raised from the IPO for exploration and development of the 108.7 million tonne Ereeny iron ore project, located 60 kilometres from the major trans Mongolian railway line between Russia and China.
The Ereeny Project covers approximately 3.26 square kilometres and extends to depths of over 400 metres. It has an Indicated JORC Resource of 57.3 million tonnes and an Inferred JORC Resource of 51.4 million tonnes.
The company is targeting the first rail haulage of iron ore from the project for sale within 24 months of its listing on the ASX.
Importantly, FeOre is in an ideal position to meet its goal having entered into a 10 year offtake agreement and a 10 year logistics agreement with China Railway Group subsidiary CRMI.
Through these two agreements CRMI has agreed to both transport and purchase FeOre’s iron ore product.
The company will have just over 200 million shares on issue when it hits the ASX boards at 11am (AEDT) tomorrow, Thursday 15 December.
FeOre will use the funds raised from the IPO for exploration and development of the 108.7 million tonne Ereeny iron ore project, located 60 kilometres from the major trans Mongolian railway line between Russia and China.
The Ereeny Project covers approximately 3.26 square kilometres and extends to depths of over 400 metres. It has an Indicated JORC Resource of 57.3 million tonnes and an Inferred JORC Resource of 51.4 million tonnes.
The company is targeting the first rail haulage of iron ore from the project for sale within 24 months of its listing on the ASX.
Importantly, FeOre is in an ideal position to meet its goal having entered into a 10 year offtake agreement and a 10 year logistics agreement with China Railway Group subsidiary CRMI.
Through these two agreements CRMI has agreed to both transport and purchase FeOre’s iron ore product.
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