IOH sells more Pilbara assets
PERTH (miningweekly.com) – Junior Iron Ore Holdings (IOH) has sold its North Marillana group of satellite tenements, in Western Australia, to Maiden Iron for up to A$7.75-million.
The North Marillana satellite tenements are made up of four mining leases and two exploration licences. The mining leases contain a Joint Ore Reserves Committee-compliant indicated resource of 15.6-million tonnes, grading 54% iron.
Under the terms of the transaction, Maiden Iron would pay A$2.5-million in cash to acquire the mining leases, and a 12-month option over the exploration licences. Once production has started at the mining leases, and Maiden Iron has exercised its options over the exploration leases, a further cash payment of A$5.25-million would be made to IOH.
A royalty of up to 2.5% would also be payable to IOH for iron-ore produced from the tenement area.
IOH MD Alwyn Vorster said this week that the North Marillana transaction offered synergies and benefits to both parties.
“With IOH currently primarily focused on securing funding, approvals and tenure for the development of our Buckland project, the North Marillana tenements are better suited to Maiden Iron’s development approach.”
The North Marillana sale was the fifth transaction that IOH had undertaken since it started the formal commercialisation of its Central Pilbara tenements late in 2011, and followed the sale of the Koodaideri South tenements, the Phil’s Creek and Lamb Creek satellite tenements, and the 12-month option deal and mine gate sale transaction over the Iron Valley project.
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