Evrim, ArcelorMittal to Explore Mexico for Iron Ore Deposits
02/14/2014 - Evrim Resources Corp. has signed an agreement with ArcelorMittal Servicios Minerometalurgicos de Occidente S.A. de C.V., a wholly owned subsidiary of ArcelorMittal S.A., to explore for iron ore deposits in Mexico.
"We look forward to working with ArcelorMittal to find and develop new iron ore deposits for processing at their facilities in Mexico," commented Paddy Nicol, president and CEO of Evrim. "This Agreement offers Evrim a unique opportunity to quickly advance projects for long term sustainability."
Under the terms of the five-year Agreement, ArcelorMittal and Evrim will jointly fund exploration programs to search for iron ore projects of merit in Mexico. The development of projects will be funded solely by ArcelorMittal, which will thereby earn a 100% interest in such projects, subject to a sliding scale royalty on iron ore production and a separate royalty on all other commodities payable to Evrim. The parties have agreed to a firm commitment for the first two years of the Agreement.
ArcelorMittal is the world's leading steel and mining company, with a presence in more than sixty countries and an industrial footprint in over twenty countries. Guided by a philosophy to produce safe, sustainable steel, ArcelorMittal is the leading supplier of quality steel in the major global steel markets including automotive, construction, household appliances and packaging, with world-class research and development and outstanding distribution networks.
Evrim Resources is a mineral exploration company with a diverse portfolio of quality gold and copper projects, and a geological database covering Mexico and portions of south western United States. Evrim's business plan is to generate exploration targets that it will advance through option and joint venture agreements with industry partners to create shareholder value. The projects generated to date form a solid foundation for Evrim's execution of the joint venture business model, which will be further enhanced by a pipeline of new internally developed projects.
Under the terms of the five-year Agreement, ArcelorMittal and Evrim will jointly fund exploration programs to search for iron ore projects of merit in Mexico. The development of projects will be funded solely by ArcelorMittal, which will thereby earn a 100% interest in such projects, subject to a sliding scale royalty on iron ore production and a separate royalty on all other commodities payable to Evrim. The parties have agreed to a firm commitment for the first two years of the Agreement.
ArcelorMittal is the world's leading steel and mining company, with a presence in more than sixty countries and an industrial footprint in over twenty countries. Guided by a philosophy to produce safe, sustainable steel, ArcelorMittal is the leading supplier of quality steel in the major global steel markets including automotive, construction, household appliances and packaging, with world-class research and development and outstanding distribution networks.
Evrim Resources is a mineral exploration company with a diverse portfolio of quality gold and copper projects, and a geological database covering Mexico and portions of south western United States. Evrim's business plan is to generate exploration targets that it will advance through option and joint venture agreements with industry partners to create shareholder value. The projects generated to date form a solid foundation for Evrim's execution of the joint venture business model, which will be further enhanced by a pipeline of new internally developed projects.
