Evrim Resources signed an agreement with ArcelorMittal Servicios Minerometalurgicos de Occidente (ArcelorMittal), 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 programmes to search for iron ore projects of merit in Mexico. The development of these programmes will be funded solely by ArcelorMittal, which will thereby earn a 100% interest in such programmes, subject to a sliding-scale royalty on iron ore production and a separate royalty on all other commodities payable to Evrim. Both companies have agreed to a firm commitment for the first two years of the agreement.