MGX clears FIRB hurdle for Central Tanami deal
Western Australian miner MGX Resources has secured approval from Australia’s Foreign Investment Review Board (FIRB) for its A$50-million acquisition of a 50% stake in the Central Tanami gold project joint venture (JV).
The deal, struck with Northern Star Resources, gives MGX an equal share alongside Tanami Gold, which waived its right of first refusal in August.
Final completion now hinges on the JV securing an extension of infrastructure arrangements on one tenement from the Central Land Council. MGX said discussions had been positive and that it expected to close the deal ahead of the March 31, 2026 contractual deadline.
“We are pleased to have received FIRB approval for the proposed 50% acquisition of the Central Tanami gold project as this represents a compelling opportunity to establish MGX as a long-life Australian gold producer,” CEO Peter Kerr said. “We look forward to completing the transaction in the near future and getting to work with Tanami Gold to accelerate the project to a development decision within the next 12 to 18 months.”
The approval comes as MGX formally completes its rebranding as the company pivots from iron-ore into precious and base metals. Shareholders overwhelmingly backed the name change to MGX Resources at the company’s November AGM, with new ASX details effective from December 4.
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