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Mineral Resources sign agreement with BCI Minerals Limited

Mining News - Published on Tue, 23 Oct 2018

Image Source: BCI Minerals
Mineral Resources Limited announced that it has entered into a binding Sale and Purchase Agreement (Agreement) with BCI Minerals Limited to acquire the Kumina Iron Ore Project (Kumina Project). The Agreement provides for typical conditions precedent around third-party consents and assignments to be satisfied prior to completion, which MRL expects will occur before the end of calendar 2018. At completion, MRL will acquire the Kumina Project and pay BCI USD 27 million. MRL will pay a further USD 4 million to BCI when MRL achieves the first export of iron ore from the Kumina Project and an additional USD 4 million 12 months after the Company achieves first export.

The Kumina Project is located in the West Pilbara region approximately 100km south of Karratha. It has a JORC Inferred Mineral Resource of 78.3 million tonnes at 59.1% Fe at a 57% Fe cut-off - refer BCI ASX Announcement dated 28 June 2018 - Maiden Kumina JORC Mineral Resource.

The acquisition of the Kumina Project is consistent with MRL's strategy of identifying new value-adding development opportunities to enable it to remain a junior iron ore producer in the Pilbara.

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Posted By : Rabi Wangkhem on Tue, 23 Oct 2018
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