Century Global Commodities considering spinning out flagship Joyce Lake Project
August 16, 2023 at 08:01 am
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Century Global Commodities (TSX:CNT) CEO Sandy Chim speaks to Thomas Warner from Proactive after publishing its Q1 Financial Results as well as an update on how the business performed more generally during the three months to 30 June.
Chim highlights the headway made recently with its flagship Joyce Lake iron ore project in Canada - a project he describes as being now firmly "on the front burner" after a long period of slow progress. He says that having weathered market downturns, the project now has a new lease of life due to a robust recovery in the iron ore sector.
With a recent feasibility study displaying a solid $185 million NPV after tax and a 20% IRR, he suggests the focus is on advancing the project through technical and environmental assessments for construction. Regulatory agencies and local stakeholders have provided comprehensive feedback on the Environmental Impact Statement, marking a significant milestone.
Additionally, Chim says that Century Global Commodities is seriously considering spinning-off the Project, targeting the end of the year or early 2024. He concludes with an update on the highly revenue-generative food sector of the business, which he says has been growing well despite challenging market conditions.
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Century Global Commodities Corporation is a Hong-Kong based exploration and development company. The Company holds interest in various iron exploration properties. The Company's iron exploration properties are located in Quebec, Newfoundland and Labrador. The Company's portfolio projects include Attikamagen JV Properties, Sunny Lake JV properties and Duncan Lake JV Magnetite Project. The Company holds 60% interest in Attikamagen JV Properties. The Attikamagen JV properties include the Joyce Lake DSO Project and Hayot Lake Deposit. The Hayot Lake Deposit hosts taconite resource. The Company holds interest in Sunny Lake JV Properties. The Sunny Lake JV properties include the Full Moon Project, which is a taconite deposit and Blackbird DSO Deposit, which has a National Instrument (NI)-43-101 mineral resource estimate. The Company also holds 65% interest in Duncan Lake JV Magnetite Project.