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Iron Bear Resources Says Vale Expected to Effectively Terminate Canada Iron Ore Project Development Agreement, Shares Plunge 44%

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Iron Bear Resources (ASX:IBR) was informed by Vale that it will not proceed to the second phase of the development agreement for the Iron Bear iron ore project in Canada, and the mining firm's board expects a final notice will be lodged in the near future, which will effectively terminate the agreement and unencumber the project, according to a Tuesday Australian bourse filing.

Vale acknowledged the completion of the first phase of the development agreement in a draft notice. Vale provided a total of $18 million in phase one contribution to advance the project. Iron Bear Resources retains ownership of the project.

Its shares fell 44% in recent trading on Tuesday, reaching their lowest point in over a year.

What else is happening in Asia?

Asia

GenFleet Presents Updated Lung Cancer Therapy Data at Korean Medical Conference

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HKG:2595
Asia

White Cliff Minerals Says Gina Rinehart's Hancock Prospecting to Take 13.5% Stake With Nearly AU$9 Million Investment

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ASX:WCN
Asia

Wafangdian Bearing Seeks Delisting As Public Float Falls Below 10%

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SHE:200706