Legacy Iron Ore (ASX:LCY) and Hawthorn Resources (ASX:HAW) completed a pre-feasibility study (PFS) for a 12 million tonnes per annum magnetite project at the Mt Bevan iron ore joint venture in Western Australia, according to a Tuesday Australian bourse filing.
The project is a joint venture between Legacy Iron Ore, Hawthorn Resources and Hancock Prospecting subsidiary Hancock Magnetite Holdings. Following the completion of the pre-feasibility study, Hancock now owns 51%, Legacy Iron Ore 29.4% and Hawthorn Resources 19.6% of the JV, the filing stated.
Legacy Iron Ore shares jumped over 14% in recent Tuesday trade.
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