Algodon Resources LLC

We are pleased to advise that Algodon Resources Group has signed an LOI for $36.5m of convertible debt to develop its near-term iron ore production mines in Mexico, initial production rate will be 1.9 Mtpa ramping to 4.8 Mtpa in yr 3. The board of Algodon Resources are delighted by these developments and look forward to developing its portfolio of projects commencing with Bonet mine/ wall of iron concessions with an Inferred Mineral Resource of 250mt+ Grading 62% – 67% Fe with low Si and low Ph. ARL also has a number of satellite mining concessions with 20mt of high-grade hema/magnetite ore.
The c1 cash operating costs are $44/ton which provides for a healthy cash margin to repay the principal loan within 3/5 years of operation. ARL wishes to thank Universal Mining Group Ltd/UMG Funding for its efforts in securing this funding and providing the proforma feasibility study and economic modeling to support such an investment. The drawdown of funds is expected by April 2021 and planned first ore 6 months later out of Caopas Port Sea of Cortez Mexico. The next best address for Iron Ore. Like Comment Share

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