It is reported that Union Resources Limited JV unit, Mehdiabad Zinc Company has accepted the feasibility study report on the Mehdiabad Zinc-Silver-Lead project in Iran and believes the acceptance will assist the project to proceed to the development phase.

Union Resources said that it considers Mehdiabad Zinc Co's acceptance to be a significant development as Union Resources has now completed its commitments under the various project agreements and the remaining outstanding matters are largely under the control of its Iranian partners.

Union Resources said that the feasibility study report could be updated to a bankable feasibility study upon the granting of requisite licenses, support from the government sector and commitment of foreign financing.

The Union Resources has been in talks with the Iranian Mines and Mining Industries Development and Renovation Organization after IMIDRO had last year purported to terminate four of the five agreements under which Union maintains its interest in MZC.