Centaurus Metals Limited (ASX:CTM)
has lodged a mining lease application for its flagship Jambreiro Iron project in south-eastern Brazil, marking another step forward to production.
The iron ore miner is poised to raise $26.2 million to support the project.
Atlas Iron Limited (ASX:AGO)
and US based Liberty Metals & Mining Holdings will support the equity raising.
Centaurus expects the initial mine life to be 8.5 years with life of mine revenue of $1.25 billion.
Centaurus booked a net loss of $8.2 million in the first half of its 2012 financial year.