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Iron Ore|PROJECT|Resources
Iron Ore|PROJECT|Resources
iron-ore|project|resources

BCI sells Iron Valley to MinRes for A$73m

14th June 2024

By: Creamer Media Reporter

     

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Resources company BCI will sell the Iron Valley iron-ore mine, in the Pilbara, to Polaris Metals, a subsidiary of ASX-listed Mineral Resources (MinRes).

Iron Valley is currently operated by MinRes under a royalty-type agreement for the past decade.

BCI MD David Boshoff said that the proposed sale was a strategic decision that would raise A$60.1-million and a contingent A$12.5-million, enabling the company to focus on delivering its Mardie salt and potash project.

“BCI appreciates the successful partnership it has had with MinRes and welcomes the opportunity to sell the Iron Valley assets,” he said, wishing MinRes well for its future ownership of the mine.

Polaris will assume responsibility for payment of state and third-party royalties and rehabilitation obligations in relation to the Iron Valley mine with effect from May 1.

Subject to the receipt of Ministerial consent for the transfer of the Iron Valley tenements to Polaris, the transaction is expected to complete in early July.

Edited by Creamer Media Reporter

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