Brief: Mineral Resources Announces Acquisition Of Red Hill Iron Joint Venture Interest

Red Hill Minerals

30/07/2021 12:15

July 30 (Reuters) - Mineral Resources Ltd  MIN.AX :
    * ACQUISITION OF RED HILL IRON JOINT VENTURE INTEREST
    * ANNOUNCE AN AGREEMENT WITH RED HILL IRO TO ACQUIRE RHI'S
40%
PARTICIPATING INTEREST IN RED HILL IRON ORE JV
    * MRL WILL PAY RHI A$200M ON COMPLETION OF ACQUISITION
    * WILL PAY RHI FURTHER A$200M CASH WHEN FIRST COMMERCIAL
SHIPMENT
OF IRON ORE EXTRACTED FROM RHIOJV TENEMENTS DEPARTS PORT
    * EXPECTS ACQUISITION OF RHIOJV INTEREST TO COMPLETE AROUND
EARLY
SEPTEMBER
    * MRL WILL PAY RHI A ROYALTY OF 0.75% OF FOB REVENUE ON ALL
IRON
ORE THAT IS EXTRACTED AND SOLD FROM RHIOJV TENEMENTS

Source text for Eikon:  ID:nASX5c5fN9 
Further company coverage:  MIN.AX 

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