Anglo Pacific acquires chromite royalty from KWG Resources

2 August 2011 | 07:44am

StockMarketWire.com - Anglo Pacific Group has bought 7207565 Canada Inc from KWG Resources Inc. for US$18m.

7207565 Canada Inc owns a 1% net smelter royalty interest in the Black Thor, Black Label and Big Daddy chromite deposits, owned and operated by Cliffs Natural Resources, in the Ring of Fire region of Northern Ontario, Canada.

Cliffs Natural Resources is currently undertaking an environmental assessment for Black Thor as part of its project development plans, and once constructed anticipates the production of ore for both direct sale and integrated ferrochrome production.

Cliffs has also announced a commitment to engage with First Nations communities affected by the development to ensure the creation of opportunities for enhanced social wellbeing and economic prospects for those communities.


hopefully this will translate into a much improved SP

GLTA

Joe