The Australian mining company, Mayan Iron, raised $2.16 million in its initial public offering to develop an iron sands project in Guatemala.
The company also announced that it had signed a memorandum of understanding with the Chinese steelmaker, Shanzi Jiabang, to take 70% of the iron sand.
Bruce Richardson, company CEO, stated that he was happy to have secured the new source and to have obtained the support of the Guatemalan government in just under one year.
The Director General Mining of Guatemala issued an Off-Shore Reconnaissance License to G4G Resources and Iron Sands Americas.
The license will permit G4G and Iron Sands Americas Limited ("ISA") to conduct a work program to determine suitable areas for the commencement of an iron sands exploration program.
Guatemala's west coast extends approximately 250 kilometers.