In January, Havilah Resources discovered huge reserves of iron ore deposit at the Grants Basin in South Australia. Havilah’s technical director, Dr. Chris Giles, indicated that the iron formation was 488 meters thick and the grade was 24.57% iron.

Havilah Resources planned to grow iron ore resources at Grant's through drilling program with the iron ore mining goal of 34.7-37.9 billion tons at a grade of 3.39-27.6% iron. In order to fund the exploration of the Grants project and other mineral resources, Havilah signed an agreement with GFG Alliance’s SIMEC Mining last month. SIMEC Mining has implemented and funded the drilling programs in Havilah’s Haldorky and Grants iron ore projects.

This agreement enabled Havilah to secure up to $100 million in financing for the exploration of the projects, and GFG Alliance ultimately held a 51% stake in the company.