|MRL Acquires Kumina Iron Ore Project in West Pilbara|
|= Cash payment of A$27 mil to be made to BCI Minerals =|
Mineral Resources Limited ("MRL") of Australia announced on 21 December that it has acquired the Kumina Iron Ore Project (Kumina Project) from BCI Minerals Limited ("BCI"). Based on a binding Sale and Purchase Agreement with BCI, MRL will pay BCI A$27 mil (approximately US$19.15 mil at US$1=A$1.41). MRL will also pay a further A$4 mil to BCI when MRL achieves the first export of iron ore from the Kumina Project and an additional A$4 mil 12 months after the Company achieves first export.|
The Kumina Project is located in the West Pilbara region approximately 100 km south of Karratha. It has a JORC Inferred Mineral Resource of 78.3 mil tons at 59.1% Fe at a 57% Fe cut-off.
MRL has stated that the acquisition of the Kumina Project is consistent with its strategy of identifying new value-adding development opportunities to enable it to remain a junior iron ore producer in the Pilbara.
|last modified : Fri 04 Jan, 2019 [10:27]|