PERTH (miningweekly.com) – ASX-listed Strike Resources has entered into a conditional agreement to sell its Apurimac and Cusco iron-ore projects, in Peru, for $10-million.
The sale agreement, which Strike signed with a subsidiary of Chinese group Zhongrong Xinda Group, is subject to the completion of due diligence, the execution of final documentation and compliance with all applicable regulatory requirements.
The due diligence will be completed by the end of April 2017, at which time the parties are expected to complete final documentation.
The Apurimac project contains a Joint Ore Reserves Committee-compliant resource of 269-million tonnes of iron-ore, and covers some 7 500 ha in the southern highlands of Peru.
Previous studies have suggested that the project could support a 20-million-tonne-a-year operation, at a capital cost of between $2.6-billion and $2.9-billion.
The Cusco project covers 3 000 ha, and has an initial inferred resource of 104-million tonnes, at 32.6% iron.