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Radar sells noncore assets in Yilgarn

3rd December 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – ASX-listed Radar Iron has sold its Johnston Range hematite and Die Hardy magnetite projects to fellow-listed Padbury Mining in a transaction worth A$500 000.

The company is divesting of its noncore assets to fund the development of the Yerecoin magnetite project, in Western Australia, which hosts an inferred resource of 146.5-million tons grading 68.8% iron and 2.8% silicon dioxide.

Radar is looking at a phased development for Yerecoin, with initial production targeted at 250 000 t/y of high-quality magnetite concentrate, using a small-scale production plant for an estimated capital cost of A$35-million.

The Johnston Range project is estimated to host a mineral resource of some 2.1-million tonnes, grading 57.6% iron, while the Die Hardy project is estimated to host about 353-million tonnes, at 26.1% iron.

Radar on Wednesday told shareholders that it still held the iron rights, but not the title, to a substantial area of tenure in the Central Yilgarn area, adding that those holding costs and mandatory expenditure were largely being met by tenement owners.

Edited by Creamer Media Reporter

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