Glencore Why did Glencore walk away from this deal? The answer is simple. At that time Iron ore dropped to around $45 a ton. Glencore terminated what ever financial commitment it could around the world to preserve cash. I’m sure if MWX knocks on Gloncores door today to revive this agreement, they will be more than happy to do so.
https://www.globenewswire.com/news-release/2015/09/23/1095995/0/en/Iberian-Minerals-Regains-100-of-Cehegin-Iron-Ore-Project.html
CALGARY, ALBERTA--(Marketwired - Sept. 23, 2015) - Iberian Minerals Ltd. ("the Company") (TSX VENTURE:IML)(OTCQB:SLDRF) announced today that is has regained a 100% interest in Cehegin Iron Ore Holdings, S.L. ("CIOH") the Spanish holding company formed under the terms of the Joint Venture Agreement ("the JVA") with Glencore International AG. ("Glencore"), which was announced on June 26, 2014. By mutual agreement, Iberian Minerals 100% wholly owned Spanish subsidiary Solid Mines Espana ("SME") has acquired Glencore's 20% interest in CIOH for nominal consideration and now maintains 100% ownership in the Cehegin Iron Ore Project located in the Province of Murcia, south-eastern Spain. In connection with the acquisition of Glencore's 20% interest in CIOH, each of the parties have agreed to terminate all agreements related to the JVA, with the exception of Glencore's exclusive off-take agreement, which will remain in effect.
"The Company is very pleased with the outcome of this new arrangement with Glencore.", commented Greg Pendura, President and CEO. "Being able to regain 100% ownership of the Project and retaining Glencore's marketing and sales expertise is very beneficial. Having the working capital available has allowed us this opportunity and we are continuing with the next stage of development as previously stated."