Sheffield's sale of Pilbara assets unconditional
PERTH (miningweekly.com) – ASX-listed Sheffield Resource’s sale of its South Pilbara iron tenements has been declared unconditional, as the sale was not subject to Foreign Investment Review Board approval.
Earlier this month, Sheffield agreed to sell its South Pilbara tenements to fellow-listed Brockman Mining.
Under the terms of the transaction, Brockman would provide A$1-million in cash upfront, as well as a supplementary payment of 10 c/t for all Joint Ore Reserves Committee-compliant resources defined at the tenements.
The miner would further pay a royalty of 1% free-on-board for all iron-ore produced from the tenements. In addition, a price participation royalty of 5% would also be applicable for all revenues over A$120/t for iron-ore sales from the tenement.
Sheffield MD Bruce McQuitty said on Monday that the upfront cash payment would increase the company’s already strong cash position.
“In addition to current cash reserves and proceeds from the sale of the South Pilbara iron tenements, we also expect to receive up to A$3.37-million through the exercise of more than 16.8-million in-the-money options, each with an exercise price of 20c and expiry dates of June 30.”
McQuitty said that the funds would be applied principally to advance the Thunderbird heavy mineral sands and Red Bull nickel projects.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation