alien metals ltd said wednesday that it has created a new subsidiary to expedite the development of the hancock and brockman iron ore projects in western australia the junior miner said the new subsidiary named iron ore company of australia pty ltd has engaged green values australia to undertake necessary statutory permitting to convert the exploration license to a mining lease for the hancock site discussions with interested parties for possible offtake agreements have begun it said we remain extremely confident about the prospects for our ironore projects and look forward to updating the market as we go chief executive bill brodie good said shares in alien metals at 0849 gmt were up 003 pence or 44 at 072 pence