Magnetite project in Murcia, Spain, positioned inside the European steel market.
EUROCORE MINERALS · CEHEGÍN, SPAIN
European iron ore.
A defined path back to production.
EuroCore is advancing a brownfield magnetite project in Spain built around established mining rights, historical production, ~65% Fe concentrate and Mediterranean access to European steelmakers.
SPAINMurcia · European Union
61 CONCESSIONS979 ha · valid to 2069
~65% Feconcentrate pathway
120,000 wmt/ypermitted concentrate output
~115 kmto Cartagena deep-sea port
THE INVESTMENT CASE
Near-term restart potential.
District-scale optionality.
EuroCore’s proposition begins with a real brownfield asset and expands into a larger historic iron-mining district.
61 exploitation concessions covering 979 ha, valid to March 2069.
Historical production and metallurgical testwork support a high-grade concentrate pathway.
4 Mt of ore was historically mined and processed to high-grade concentrate before operations stopped in 1990.
Stage 1 targets 120,000 wmt/y of 65% Fe concentrate and restart within 12 months of financing.
Four deposits, 40,000+ metres drilled and a staged plan to expand beyond Mina María.
EUROPE'S IRON ORE GAP
Europe is changing how it makes steel.
Not eliminating its need for primary iron.
Europe remains structurally dependent on imported iron ore even as steelmaking shifts toward greater scrap use and DRI-EAF capacity.
77%
EU iron-ore import reliance
2024 · JRC-RMIS
82 Mt
iron ore imports
2022 EU steel mass flow
38 Mt
EU iron ore production
2022 EU steel mass flow2022 EU STEEL MASS FLOW · SIMPLIFIED
82 MtIRON ORE IMPORTS
→
71.4 MtIRON INTO STEEL
→
137.7 MtCARBON STEEL
+
75.2 Mt scrap into steel
EUROCORE'S POSITION
~65% Fe CONCENTRATEEuropean primary iron input
EU STEEL CAPACITY
58%
BF-BOF today
→
2035 ESTIMATE
32%
BF-BOF
2035 ESTIMATE
18%
DRI-EAF
2035 ESTIMATE
50%
scrap-EAF
Source: European Commission Joint Research Centre, Analysis of the EU Steel supply chain: current trends and circularity opportunities, JRC142660 (2025). 2022 mass-flow figures and 2024 import-reliance assessment are shown with their respective reference years.
MINA MARÍA · NEAR-TERM ASSET
This is not a greenfield discovery.
Mina María is a historic open-pit magnetite mine with established mining rights, documented production, technical work and an updated restart package.
4 Mtore historically mined and processed before 1990
37,875 mhistorical drilling · 1,243 holes
120,000 wmt/ypermitted Fe concentrate output at Mina María
Historical production and drilling figures are archival project records. Historical resource estimates are not current mineral resources or reserves.
PERMITTING
Fully permitted mining rights.
Designed to make the legal and administrative position easy to verify rather than burying it in marketing language.
✓61 exploitation concessions979 ha · valid until March 2069
✓Mining permit + plan120,000 wmt/y concentrate capacity
✓EnvironmentalEnvironmental study approved by Spanish authorities
✓Waste managementExisting waste areas permitted
Restart remains subject to customary pre-production implementation steps, financing and execution of the current development plan.
PATH TO PRODUCTION
What is done. What remains.
✓Mining rights61 concessions · 979 ha
✓Mine permit + plan120 kt/y concentrate
✓Environment + wasteApproved / permitted
●Stage 1 worksGrid · dewatering · river · solar
●FinancingCurrent development gate
○RestartConstruction + commissioning
○ProductionTarget operating state
~12 MONTHStarget from financing to production, subject to engineering, procurement and final pre-production requirements.
FROM MINA MARÍA TO CEHEGÍN
Mina María establishes the operation.
Cehegín provides the scale.
Cehegín comprises four principal deposits across 61 exploitation concessions. Historical drilling totals 37,875 m in 1,243 holes, supplemented by 3,276.75 m in 24 holes drilled in 2021–2022. The wider potential remains exploration upside—not a current reserve.
INVESTOR DISCIPLINE
Current project ≠ district potential.
The 7.4 Mt historical estimate, 2015 aeromagnetic potential and Micon 2023 conceptual potential are different evidence classes and are presented separately.
PROJECT ARCHIVE · PHYSICAL EVIDENCE
Decades of work.
Visible in the record.
Original mine photography, 1981 workings plans, drilling records and historical concentrate analyses provide a documentary bridge between the former operation and today’s restart plan.
THE PRODUCT
~65% Fe concentrate.
Simple physical beneficiation.
Historical production and metallurgical testwork support conventional crushing, grinding and magnetic separation.
HISTORICAL AVERAGE CONCENTRATE65.15% Fe
Recorded for historical Mina María concentrate production.
01ROM ore
→
02Crush + grind
→
03Magnetic separation
→
04Concentrate
EUROPEAN ADVANTAGE
Mine → Cartagena → European steel.
Location is treated as a commercial variable: logistics, supply-chain exposure and delivered carbon—not as a slogan.
~115 kmto Cartagena deep-sea port via established road infrastructure
SHIP-READYconcentrate delivered to Cartagena; pelletizing and steelmaking remain customer operations
EU MARKETEuropean production positioned closer to European steelmaking demand
DELIVERED CARBON
One comparison.
Methodology behind it.
Current preliminary engineering model: approximately 17 kg CO₂e/t concentrate FOB Cartagena. Delivered comparisons use common destination assumptions.
kg CO₂e/t concentrate · preliminary modeled comparison. Benchmark boundaries require harmonisation before permanent public use.
EUROPEAN. INDUSTRIAL. DISCIPLINED.