Iron Road (ASX:IRD) reports that Macquarie Capital (part of Macquarie Group, ASX:MQG) has entered into a Joint Development Agreement (JDA) with Iron Road and Eyre Peninsula Co-operative Bulk Handling.
The JDA provides the framework to advance development and financing plans for the proposed $250 million Cape Hardy Stage I port facility.
They will now progress establishment of a project vehicle and formally start the first phase of a comprehensive Development Plan, targeting Financial Close of the Project by Q3 2021.
Iron Road retains the right to hold up to 25% of the Project at Financial Close while maintaining 100% ownership of the 1,100 hectare port site and the Central Eyre Iron Project (CEIP).
Shares in Iron Road (ASX:IRD) are trading 54.55 per cent higher at 17 cents.