Bethlehem Steel first identifies the Dordabis iron deposit in 1954 using drainages,
trenching, and surface exploration techniques. Flat iron ore prices mean the project
is not economically feasible at that time.
Namibian geologist Jan Joubert secures prospecting
rights to the Dordabis project. Initial surface tests
of magnetite outcroppings show significant potential.
Carsten Mosch joins Lodestone as its CEO and principal investor.
Oscar van Antwerpen of Minrom Mineral Resource Management is appointed to
conduct a geological survey and supervise a drilling program under the JORC code.
An initial JORC code compliant CPR is issued and mine modelling
commences based on the geological models developed for
the PFS conducted by ATEC PMC. Further exploration continues.
Lodestone is issued with all licensing
necessary to commence mining activities.
ATEC PMC and RCE complete the Dordabis project PFS.
A second JORC 2012 code compliant CPR is issued increasing the mineral resource
base by a further 68%. Signing of first local off take breaks ground on its free
dig resource to supply local cement manufacturers with lump ore
Lodestone enters into staged negotiations with a publicly
listed petrochemical company for the supply of
high grade and high purity magnetite concentrate
The decision is taken to progress the optimized and updated
2014 PFS results to DFS given the structural change in the
high grade iron ore concentrate market pricing as well as
lean engineering approaches for infrastructure and
logistics solutions that minimize upfront capital
expenditure on the project.