MMi Daily Iron Ore Report (September 15)

EraNova Metals filed an NI 43-101 PEA technical report for its 100%-owned Adanac molybdenum project in Canada. The report confirms the August 6 results without material differences. The proposed 30,000-tpd operation has a 24-year mine life and targets average annual molybdenum output of 11.4 million lb (about 5,171 tonnes), with 270.1 million lb (about 122,515 tonnes) of payable molybdenum over the mine life. Initial capital is estimated at C$953.3 million. EraNova plans to initiate a feasibility study and advance environmental assessment and permitting. The PEA remains preliminary, with no final investment decision or production schedule.

Northcliff Resources filed an updated feasibility study for the Sisson tungsten-molybdenum project in New Brunswick, Canada. On a 100% project basis, reserves total 276.8 million tonnes grading 0.023% molybdenum. The 30,000-tpd project targets average annual output of 4.2 million lb (about 1,905 tonnes) of contained molybdenum over a 27-year mine life. Initial capex is C$1.528 billion. A construction decision is targeted for H2 2027 and operations for 2030. Key environmental approvals are in place, but engineering, financing, offtake and remaining EIA conditions are still outstanding. The project represents potential long-term supply rather than current output.

Tata Steel's CEO told the Indian Foundation for Quality Management (IFQM) Symposium 2026 in Delhi that India's domestic steel demand should grow 8-10% this year, as all consuming sectors remain strong, and said the company is positive on the industry outlook. On the proposed Netherlands project, he said Tata Steel is in active talks with the Dutch government to resolve outstanding issues before any binding agreement can be signed, including the closure of coke ovens and the classification and handling of steel slag. Tata Steel's IJmuiden plant in the Netherlands has installed capacity of about 7 million tonnes per year; the company has launched a transformation programme to install lower-carbon steelmaking processes, lift production efficiency, cut fixed costs and optimise product mix and margins.