CoTec Holdings Corp.'s Investment MagIron Secures Mining Leases to Boost Iron Ore Production

CoTec Holdings Corp. (TSX.V:CTH)(OTCQB:CTHCF) announced that its investment MagIron LLC, with the Company holding an approximate 17% equity interest, has secured long-term mineral leases. These leases will enhance the operational and economic prospects for restarting MagIron's Plant 4 iron ore concentrator. Combining these leases with existing stockpiles, MagIron aims to maintain the concentrator's operations for over 20 years, targeting an annual output of 2.5 million dry tonnes of Direct Reduction (DR) quality iron concentrate.

CoTec CEO Julian Treger highlighted this development as a significant step in executing MagIron’s strategy for the concentrator. The ore characterization from the new leases will aid ongoing feasibility studies and large-scale testing, ensuring MagIron's preparedness for long-term operations. Once operational, the goal is to recycle the stockpiles into high-quality DR-grade concentrates, crucial for decarbonizing the steel industry.