Australia's Red Hill Iron sees best day ever on selling JV stake for $294 mln

Red Hill Minerals

02/08/2021 02:13

** Shares of Red Hill Iron  RHI.AX  surge 272.2% to A$4.100,
on track for their best day ever 
    ** The iron explorer said it would sell its entire 40% stake
in Red Hill iron ore joint venture to a unit of peer Mineral
Resources Ltd  MIN.AX  for A$400 mln ($293.88 mln) urn:newsml:reuters.com:*:nL4N2P80SN
    ** Says Mineral Resources would pay the consideration in two
instalments and Red Hill would get royalty payments for revenue
generated from iron ore extracted and sold from RHIOJV
    ** Stock hits highest since Sept 2008 
    ** About 241,916 shares change hands compared to a 30-day
average of 20,671 shares 
    ** Stock has more than tripled in value this year as of last
close 


($1 = 1.3611 Australian dollars)

 (Reporting by Tejaswi Marthi in Bengaluru)
 ((tejaswi.marthi@thomsonreuters.com))