Strategic Resources (TSXV: SR) has signed an agreement with Javelin Global Commodities to procure about 4.0 million tonnes of high-purity iron ore and to sell up to 4.0 million tonnes annually of direct reduction (DR) grade iron pellets for its planned high purity iron pelletizer facility at Port Saguenay, Que. Javelin and Strategic also signed an indicative term sheet for Javelin to provide a secured working capital facility of up to US$150 million to support the operations of the plant.
Sean Cleary, CEO commented: “The completion of the offtake agreements is a significant milestone for Strategic and puts the company in a position to complete the required next steps over the first three quarters of 2025 as it works towards the start of construction of the high purity iron pellet plant.”
Javelin will be the exclusive agent for the supply of iron concentrate feed and the marketing of the high-purity iron pellets. The deal creates a 10-year contract with an option for Strategic Resources to terminate the deal, Javelin will be paid a percentage fee on the total cost of the concentrate and a fee from the iron pellet sales.
Strategic has high-purity iron and vanadium projects in Canada and Finland. The company is developing its fully permitted, flagship BlackRock project, both a mine and mill near Chibougamau, Que. The pellet plant will be located at Port Saguenay, which has access to the St. Lawrence Seaway
More information is posted on www.Strategic-Res.com.
