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Macarthur Minerals (ASX:MIO) approves conversion of 24 notes
Source: Macarthur Minerals
  • Macarthur Minerals (MIO) has announced the end of an existing agreement and the beginning of another
  • Iron ore company, Fe, has chosen not to earn-in a 25 per cent interest in Macarthur Lithium's gold and lithium tenements in the Pilbara region of WA
  • The pair entered an option agreement last year for Fe to earn up to a 75 per cent interest in the gold and lithium tenements
  • Fe claims they no longer fit with its development strategy and the option agreement has been terminated
  • Positively, Macarthur has signed an agreement with Canaria Technologies who will supply its Biometrics Safety System to Macarthur's Lake Giles Iron Project in WA
  • This technology measures a user's body - including movement, temperature, breathing and heart rate - to predict and prevent incidents
  • Macarthur will receive a few wearable devices for a four-week testing period with a focus on prioritising the safety of its employees and contractors
  • Company shares have dropped six per cent to trade for 47 cents just after midday trade

Macarthur Minerals (MIO) has announced iron ore company Fe has chosen not to earn-in on a 25 per cent stage one interest in Macarthur Lithium's gold and lithium tenements.

In 2019, Fe and Macarthur Minerals' subsidiary, Macarthur Lithium (MLi), entered an option agreement for Fe to earn up to a 75 per cent interest in MLi's gold and lithium tenements in the Pilbara region of WA.

Fe claims the Pilbara tenements no longer fit with its development strategy and, as a result, the option agreement has been terminated.

"Macarthur and FEL have enjoyed working with Fe Limited over the last 12 months. Macarthur continues to retain 26,666,667 shares in FEL and the company wishes FEL well," Macarthur President and Executive Chairman Cameron McCall said.

The company is seeking new venture parties to assess the geological potential of the Pilbara tenements.

Canaria Technologies agreement

Positively, Macarthur has signed an agreement with Canaria Technologies to facilitate the introduction, testing and potential use of Canaria's Biometrics Safety System at Macarthur's Lake Giles Iron Project in WA.

Predictive Biometric Systems is a relatively new area of science. It combines live and historical data of a user's body and vital signs with artificial intelligence to predict future medical or human safety incidents.

Essentially, Canaria combines the data science of predictive biometric systems with medical hardware to create predictive wearable devices. These devices can measure the user's movement, breathing, heart rate, and temperature to predict and prevent safety issues.

Canaria will supply Macarthur with a few devices for a four-week user testing period during Australia's upcoming summer months.

"Heat stress and cognitive fatigue can be a very real issue in the extreme environments of Western Australia’s iron ore regions," Macarthur Company Secretary and Executive General Manager Andrew Bruton said.

"Macarthur is investing in testing the potential for Canaria’s medical-grade wearable devices not only to reduce the number of accidents and injuries caused by these issues, but also to prevent them from occurring in the first place," he added.

Further testing will be conducted if Lake Giles proceeds to a construction phase once a feasibility study and financing has been completed.

Macarthur's Lake Giles Iron Ore Project provides the opportunity to utilise Canaria's technology and to establish the company as a technology leader within its sector.

Company shares have dropped six per cent to trade for 47 cents just after midday trade.


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