KazaX Minerals it has received consent from the Ministry of Investments and Development of Kazakhstan for the acquisition of the 25% interest in the Lomonosovskoye Iron Project held by SEC Tobol JSC.
Further to this consent, the transfer of the Tobol interest has now been completed. The interest in the Lomonosovskoye project is now held 99.99% by Kazax (indirectly through its wholly-owned subsidiary Kazco Beteiligungs GmBH) and 0.01% by Safin Element GmbH.
KazaX Minerals Inc. (KazaX) is finalizing the definitive feasibility study for Lomonosovskoye, which is near the established iron-ore mining district of Rudniy in northwest Kazakhstan.
KazaX has recently announced an upgrade in the mineral resources classification at Lomonosovskoye which includes 478.1 million measured and indicated tonnes at 30.5% iron. The deposit demonstrates a similar geological setting to nearby operating magnetite iron open pit and underground mines.