Grand River Ironsands Incorporated (GRI) was established in 2007 as a private company based in Nova Scotia, with its main asset being minerals sands in Happy Valley-Goose Bay, NL, Canada. With an investment of more than US$25 million since establishment, a solution to develop North America's first major pig iron smelting plant has been successfully developed and a bankable feasibility study will soon be released.
The priorities will be:
1) To advance the development of a pig iron plant in Quebec
2) To establish a market for the mineral sands of Labrador
3) The Company will continue to assess a public listing with it's major shareholder Metalo Manufacturing Inc. This will require shareholder approval from both companies.
The pig iron plant has an estimated construction cost of US$400 million. This plant is designed to be a leader in managing emissions globally. As a low cost producer, it will sit on the doorstep of the end users in North America and Europe - providing an additional and significant cost savings benefit for foundries and electric arc furnace steel mills.
GRI's largest shareholder (44%) is the publicly traded Metalo Manufacturing Inc. (CSE:MMI).