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Altura sells off garnet project

20th February 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – ASX-listed junior Altura Mining has agreed to divest of its Balline garnet project, in Western Australia, for A$4.5-million in cash.

The miner reported on Thursday that it had sold the project to Garnet Australia, by way of selling its wholly owned subsidiary Australian Garnet.

Under the terms of the agreement, Altura would receive A$2.5-million at the completion of the transaction, with the remaining A$2-million to be paid before the end of the year.

The Balline alluvial garnet project was expected to produce garnet and minor heavy minerals. All statutory approvals relating to the mining proposal, works approval and the licence for water extraction were in place.

Edited by Creamer Media Reporter

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