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Macarthur Minerals (TSXV:MMS) (the “Company” or “Macarthur Minerals”) is pleased to announce the Chairman’s Highlights for financial year end March 31, 2016 as contained in its annual reports.
Macarthur Minerals (TSXV:MMS) (the “Company” or “Macarthur Minerals”) is pleased to announce the Chairman’s Highlights for financial year end March 31, 2016 as contained in its annual reports. The Company will hold its Annual General Meeting on August 31, 2016 at 10 AM in Brisbane (details including voting procedures are contained below).
Macarthur Minerals’ Chairman’s key highlights for 2016 include:
Lithium
- “Macarthur Minerals refocussed its strategy to identify and develop lithium projects, placing our “shovel ready” Western Australian iron ore project on hold until the iron price improved.”
- “We have made significant steps forward to become a significant new player in the evolving global lithium supply market.”
- “Acquiring one of the largest “hard rock” lithium acreage packages for any junior company now covering a total area of 1,678 square kilometres in the Pilbara, Ravensthorpe and Edah regions of Western Australia.”
- “Macarthur’s lithium acreage is in the heart of the Australian lithium boom province (the Pilbara).”
- “Macarthur will rapidly move forward to explore its lithium acreage and continue to identify and acquire high quality lithium assets.”
Iron Ore
- “There is real potential for our iron ore assets to again add considerable market value in the future, with the company having previously spent over $60 million to develop them to a “shovel ready” stage.”
- “Our advanced iron ore projects for hematite and magnetite remain very valuable assets. We are now observing good indications that the price of iron ore has recovered from its 2015 low of US$38.30 per tonne to a spot price today of US$61.941 per tonne.”
- “We will also identify opportunities to maximise the value of our two iron ore projects as the global iron ore market continues to recover.”
A full extract of the Chairman’s Highlights from the Company’s 2016 Annual Report is contained below.
CHAIRMAN’S 2016 HIGHLIGHTS
This year, Macarthur Minerals refocussed its strategy to identify and develop lithium projects, placing our “shovel ready” Western Australian iron ore project on hold, whilst global iron ore markets continue to recover. We are excited about the potential of our iron ore assets to add real value for our shareholders in the future.
We have made significant steps forward to become a significant new player in the evolving global lithium supply market, acquiring one of the largest “hard rock” lithium acreage packages for any junior company.
Macarthur currently holds a very large lithium acreage portfolio in Australia, now covering a total area of 1,678 square kilometres in the Pilbara, Ravensthorpe and Edah regions of Western Australia.
Macarthur’s acreage is in the heart of the Australian lithium boom province. The company now has a number of exciting lithium acreage plays adjacent to some of the up and coming new Australian lithium companies in the Pilbara and elsewhere in Australia.
Our advanced iron ore projects for hematite and magnetite remain very valuable assets. We are now observing good indications that the price of iron ore has recovered from its 2015 low of US$38.30 per tonne to a spot price today of US$61.942 per tonne. Since its 2015 low, the price has risen by over 62% and we are optimistic that this positive sentiment can continue. There is real potential for our iron ore assets to again add considerable market value in the future, with the company having previously spent over $60 million to develop them to a “shovel ready” stage.
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