Mining Weekly reported Petmin (LSE:PTMN,JSE:PTMN) has increased its stake in the North Atlantic Iron Corporation from 17% to 22.5%.
As quoted in the market news:
Petmin has invested $4.5-million to add an additional 5.5% to its holding in NAIC on top of the $6.5-million it had already spent on acquiring a 17% stake in the venture.
The South Africa-based miner has joint management control of NAIC, which is developing an iron sands-to-pig iron project in Canada’s Labrador province. It holds an earn-in option to acquire up to 40% for a total of $25-million, plus a further option to acquire an additional 9.9% at a market-related price.