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Roche Bay plc is an iron-ore holding company that owns extensive mining leases at Roche Bay on the Melville Peninsula in Nunavut, Canada. Roche Bay's holdings cover what is believed to be one of the largest known set of magnetite iron bodies in the world.
Roche Bay is first focused on developing its Eastern Deposits with the help of the operating and managing partner Advanced Explorations Inc. (AEI). This joint venture refocuses Roche Bay into a holding company with an economic interest in the asset, but no management requirement.
The earn-in agreement gives AEI an option to acquire up to a 50.1% equity interest in Roche Bay's Eastern deposits and to become operator of the exploration and construction project. AEI assumes responsibility for raising financing and managing the completion of feasibility studies. Once these are completed, the agreement provides for formation of a joint venture, for which AEI will be responsible for the financing, design, build and operation of a mine and plant producing at least 6 million tonnes per year of iron concentraes or pellets. The agreement is subject to several conditions based on operational milestones being achieved.
The deposits are in two large groups. The Eastern deposits (49.9% Roche Bay) are five to ten kilometers from a natural harbour with 20+ meter depths, and the Western deposits (100% Roche Bay) which are some 120 kilometers away on the western side of the Melville Peninsula.
Roche Bay's advantages include:
- Close to naturally deep tidewater
- Close to Europe (3050nm) and the Middle East
- Industry Support
- Excellent logistics cost structure
- Average 270 day ice-class shipping window
- Secure land title
- Potential Long Life- over 20km of iron formation under lease.