TSX-V-listed M3 Metals is looking for a partner to take its Block 103 iron-ore project, in Newfoundland and Labrador, to feasibility study and production, after a rescaling of the project significantly reduced the capital expenditure.
A rescoping study, completed by Hatch, slashed the projected capital costs on the project from about C$6-billion in the 2013 preliminary economic assessment (PEA) to C$840-million, by implementing a phased approach.