ASX-listed Mineral Resources has wrapped up the acquisition of the Kumina iron-ore project from fellow-listed BCI Minerals.
The company reported on Friday that it had paid A$27-million of the total A$35-million price tag, with the balance to be paid in two instalments linked to certain milestones.
BCI said previously that it would use the proceeds of the sale to fast track the development of its Mardie salt and potash project.
The Kumina project, located in the West Pilbara region about 100 km south of Karratha, will enable Mineral Resources to continue to be a junior iron-ore producer and exporter. It has an inferred resource of 78.3-million tonnes at 59.1% iron at a 57% iron cut-off