The company is listed on the Alternative Investment Market of the London Stock Exchange under the ticker AYM in the mining sector.
[2] The company has three projects, Parys Mountain in Wales, Grängesberg in Sweden, and Labrador Iron Mines in Canada.
Marsden, an experienced mining engineer, is set to lead the development of the Parys Mountain project and manage the company's iron ore investments.
It has been agreed they would be granted the right and option, upon completion of a Prefeasibility Study, to undertake at its cost and investment, the mine construction component of the Parys Mountain project, including the decline and related underground development and shaft works, with a scope to be agreed, to the point of commencement of production, in consideration of which QME would earn a 30% undivided joint venture interest in the Parys Mountain project.
This indicated a post-tax NPV8 of US$688m, at an iron ore price of US$120/tonne, 62% Fe, CFR China benchmark, and FOB costs of US$53/t to the ice-free port of Oxelösund, Sweden.