It is reported that Emerging Western Australian iron ore developer, Emergent Resources at its flagship Beyondie Magnetite Iron Project upped the mineral resource at Beyondie by a factor of four to 561 million tonnes 27.5% Iron during the December quarter.

An additional conceptual exploration target at Beyondie of 480 million tonnes to 510 million tonnes grading 27.0 to 28.5% Fe was also confirmed in E52/1806 by independent geologists. A further conceptual exploration target was also confirmed outside of tenement E52/1806 of 3.7 billion to 4.2 billion tonnes.

The December quarter represented a purple patch for the company, yielding the Chinese State Owned Enterprise China Metallurgical Investment Co Ltd successfully completing Due Diligence and entering into a binding agreement to proceed with AUD 200 million 50:50 Development JV for the Beyondie Iron Project.

With a placement of shares and options to CMIC, this will provide CMIC with an approximate 15% interest in the Company. The Agreement has been given shareholder approval and is now subject to Foreign Investment Review Board and the Peoples Republic of China National Development and Reform Commission approval.

Beyondie is developing into a world class magnetite iron project with the potential produce a high grade magnetite concentrate product.

The Beyondie Development JV will target the commencement of mining operations with an initial targeted production of 3Mtpa of magnetite concentrate escalating to second stage 8Mtpa as soon as feasible.

CMIC has advised that the JV will also seek additional funding over the initial AUD 200 million to achieve the second stage.

(Sourced from http://www.proactiveinvestors.com.au)