Iron ore and metals developer Strategic Minerals (SML) has completed its acquisition of 100% of the issued share capital of Ebony Iron.

Ebony was acquired for the initial consideration of about £9.4m which has been satisfied by the allotment of 94 million new fully-paid ordinary shares of 0.1 pence each in SML to the Ebony shareholders at the issue price of ten pence per share.

The primary asset of Ebony is a shipment ready stockpile of 900,000 tonnes of magnetite at the site of the former Cobre mine in New Mexico, US.

Ebony is currently negotiating the sale of the magnetite to various domestic and international buyers, and is also negotiating the rights to a further 400,000 tonne magnetite stockpile on the same site, as well as other magnetite stockpiles in north America and Australia.