North Atlantic Iron Corporation (NAIC) is a private Canadian joint venture company. It is owned by Grand River Ironsands Incorporated (GRI) of Canada (www.ironsands.ca), and Petmin Limited (Petmin) of South Africa (www.petmin.co.za).
GRI is privately held; however, its largest shareholder Metalo Manufacturing Inc., is listed on the Canadian Securities Exchange (CSE) under the ticker 'MMI' and is also one of the 65 companies included in the CSE Composite Index.
Petmin is South Africa’s largest anthracite miner and trades on the JSE under the ticker 'PET'.
NAIC has invested US$30 million, over 5 years, to the development of a North American merchant pig iron (MPI) manufacturing plant that is expected to supply foundries and electric arc furnace (EAF) steel mills.
After extensive research, significant large scale testing, and thorough business modelling, NAIC is confident in both the technical and economic foundations of its project. NAIC will be one of the lowest cost producers of MPI in the world on a delivered basis to the iron foundry and EAF steel industries of the United States and Europe who are currently importing from Brazil, Russia and Ukraine.
NAIC will be able to achieve this due to a production process that utilizes access to low cost raw materials, natural gas, and electricity in the United States or Canada, proximity to markets in the United States and Europe, and the extensive infrastructure in place at potential sites under consideration for its plant.
NAIC will produce MPI by reducing iron oxide pellets in a gas based direct reduction module and smelting the resulting direct reduced iron (DRI) in an electric arc furnace (EAF).
Production is planned to commence in 2019.