ArcelorMittal SA has signed an iron ore exploration agreement
with junior miner Evrim Resources Corp., with the aim of
developing projects in Mexico.
ArcelorMittal Servicios Minerometalurgicos de Occidente SA de
CV on Feb. 12 agreed to search for iron ore projects in Mexico
with Canada-listed junior miner Evrim Resources, the Canadian
Under the terms of the
five-year agreement, Arcelormittal and Evrim will jointly fund
exploration programs to search for iron ore prospects "of
merit" in Mexico.
"This agreement offers
Evrim a unique opportunity to quickly advance projects for
long-term sustainability," Evrim president and chief executive
officer Paddy Nicol said.
The development of any
resulting projects will be solely funded by ArcelorMittal
Mexico, which will earn a 100-percent interest in any project,
Vancouver, British Columbia-based Evrim said.
The two companies have
agreed to a firm commitment for the first two years of the
deal, Evrim said.
iron ore shipments rose 54.4 percent in the fourth quarter to
10.3 million tonnes, helping its mining division post $582
million in earnings before interest, taxes, depreciation and
appreciation (Ebitda) for the period.
A version of this
article was first published in AMM sister publication Steel