Champion Iron Limited (ASX:CIA) has acquired the Kami Project belt in southwestern Newfoundland, near the Québec border of Canada.
The Supreme Court of Newfoundland and Labrador approved the acquisition by the Company and they will pay $17 million in cash.
The Kami Project is a high-grade iron ore project near available infrastructure, situated only a few kilometres south east of the Company’s operating Bloom Lake mine.
The Kami Project’s prior owner completed an updated feasibility study in September 2018.
As part of the Acquisition, Champion expects to secure an additional eight million tonnes per annum of port capacity, including a pre-payment of port related fees.
Shares in Champion Iron Limited (ASX:CIA) are trading 5.4 per cent higher at $4.52