Carpentaria Resources Limited (ASX: CAP) announced yesterday that it has secured financial support of A$5.4 million from Mitsui & Co., Ltd. to drive development of its flagship Hawsons Iron Project. Caason Group MD & CEO Craig Astill said:

With Caason Group a top 10 shareholder in CAP – and as a long-term CAP investor – we are very pleased to learn of this agreement with the blue-chip Japanese trading house. This will further support Hawsons as a world leading high-quality iron ore concentrate/pellet feed project. The securement of other off-take partners like Taiwan’s Formosa Plastics is also very positive.

Off-take partners will contribute to the project’s Bankable Feasibility Study (BFS).