- Approaching iron ore production with NI 43-101 compliant mineral resource as follows: 5.7 million tonnes measured @23.29% FE; 25.6 million tonnes indicated @23.48% FE and 821.5 million tonnes inferred @24.56% FE.
- Excellent properties located in a region with well-established infrastructure (James Bay area close to Hydro Quebec, roads, and towns with skilled labour) and in the principal iron ore producing region in Canada (Labrador Trough and Eastern Quebec).
- Strong balance sheet with no debt and funding available to bring Duncan Lake Project to the Bankable Feasibility Study stage.
- Management team with significant mining and capital markets experience
Vote of confidence by China- Two global strategic Chinese partners committed to Century and its project:
- Wuhan Iron & Steel Co. Ltd. (WISCO) is ranked 428 in the list of the Forbes Global 500 with and third largest steel producer in China. WISCO will have a 25% equity stake and off-take agreement for up to 60% of the production. WISCO is one of the major subsidiaries of Wuhan Iron & Steel (Group) Corporation (“WISCO Group”), headquartered in Wuhan the provincial capital of Hubei in the People’s Republic of China. The WISCO Group is one of the “big-three” Chinese state-owned integrated iron and steel groups. In 2010, the WISCO Group had an annual output of 36 million tonnes of steel. The WISCO Group’s portfolio of business activities includes mining, coking, sintering, iron making, steel making, rolling and associated utilities.
- MinMetals Resources Ltd. is ranked 332 in the list of the Forbes Global 500. MinMetals will have a 5% equity stake and off-take agreement for up to 10% of the production. MinMetals is one of the major subsidiaries of China Minmetals Corporation ("China Minmetals"). China Minmetals is a state-owned diversified metals and mining company based in Beijing, the People’s Republic of China. China Minmetals is engaged in the production and trading of metals and minerals, including copper, aluminium, tungsten, tin, antimony, lead, zinc, iron and steel-related commodities. China Minmetals also engages in activities related to real estate development, finance, shipping and tendering. In 2009, China Minmetals had operations in 44 countries and revenue of approximately US$26.8 billion.
A winning formula of securing financing and Capex production:
- 70% project Capex debt financing – WISCO committed to assist in future financing.
- About 60% of the remaining equity financing of Capex to be financed by WISCO and/or MinMetals.
- 70% of the product pre-sold – 60% offtake to WISCO and 10% to MinMetals