M3 Metals drops C$6 billion iron ore project cost by 86%
M3 Metals announced last week that its re-scoping study for its Block 103 Iron Ore project, located in Newfoundland and Labrador, reduced the capital costs from C$6 billion to C$840 million.
The company said the cost reduction was achieved by "...implementing a phased capacity approach beginning with the 'base case' 4 million tonne per year projected production of high-grade premium iron ore fines concentrate from the previously proposed 16 million tonnes per year and by modifying processing methods and introducing new efficiencies."
The company said the design will utilize dry-stacked tailings.
M3 Metals is currently seeking financial partners.