Strike Resources is an Australian-listed resources company focussed on developing a large scale iron-ore project in Peru.
Apurimac and Cusco Iron Ore projects, Peru– These are large-scale iron ore projects, with Apurimac in the Pre-feasibility Study stage. The company is seeking to establish a 15 – 20 million tonne per annum (Mtpa) operation based on current JORC Indicated and Inferred Resources of 373Mt with significant exploration upside.
Strike Resources executed an agreement with Canadian company Cuervo Resources Inc. in July 2011 giving it the right to acquire up to 49.2% of Cuervo (46% on a fully-diluted basis). This strategic move consolidated Strike’s position as the major holder of high-quality iron-ore concessions in the Apurimac and Cusco regions.
The Company’s other projects comprise 100% of the mining rights in the Berau Thermal Coal Project, Indonesia and a royalty interest in the Paulsens East Iron-Ore Project in Western Australia.
- 56% holding in Apurimac Ferrum S.A. (AF)
- Large-scale iron ore project in Apurimac, Southern Peru
- AF holds concessions comprising 59,000 hectares at Apurimac
- Current JORC Resources of 269Mt at 57.3% Fe
- Objective to produce 20Mt of product per year
- Potential stand-alone iron-ore operation in Cusco, Peru, also held through AF
- AF holds concessions comprising 13,000 hectares at Cusco
- Current JORC Resource of 104Mt at 32.6% Fe
- Objective to produce 15-20Mt of product per year – or to provide ore feed for Apurimac project
- Strike has an agreement to acquire up to a 49.2% (undiluted) stake in Cuervo Resources Inc.
- This strategic move adds to Strike’s existing holdings within AF
- Cuervo has 14,000 hectares of exploration land with substantial exploration upside
- Cuervo has JORC Resources of 106Mt at 45.3% Fe
- Smaller-scale thermal coal project in Berau province, East Kalimantan, Indonesia
- Objective to produce 3Mt of thermal coal per year
- Dispute with partner with legal options being explored
Paulsens East Overview
- Iron ore project in northwest Western Australia
- Project managed by Process Minerals International (PMI) – a subsidiary of Mineral Resources under a farm-out agreement
- Potential Strike royalty of $3.20 per tonne (pegged to an iron ore benchmark price)