BHP buys Swedish explorer for A$9.8m
PERTH (miningweekly.com) – ASX-listed Ragnar Metals has reached an agreement with the exploration arm of mining major BHP to divest its wholly-owned subsidiary Ragnar Metals Sweden for A$9.8-million.
The sale includes tenements and exploration licences over the Tullsta nickel project in Sweden.
Ragnar said on Monday that the sale is expected to be complete by September 30, with the cash consideration to be paid by BHP Metals Exploration on completion. Deferred consideration, in the form of a 1% net smelter return royalty will be payable to Ragnar upon commencement of commercial production.
BHP has the option to buy out the royalty for a further A$10-million.
“The sale of Ragnar Metals Sweden AB, with the foundation Swedish licences to BHP, validates the company’s original strategy and the potential of the Tullsta nickel project,” said Ragnar executive director Eddie King.
“This transaction provides exceptional value for the company with a substantial initial cash injection and exposure to production through the royalty. I am excited to continue working with BHP to finalise the transaction and then re-direct our attention to exploring further critical mineral opportunities in Sweden.”
Ragnar on Monday also announced the acquisition of two new lithium projects in Sweden, with the company undertaking its first reconnaissance field programme to review the regional prospectivity on the tenure.
“We are excited to expand our exploration portfolio with highly prospective lithium projects, in one of the World’s best mining jurisdictions. We believe Sweden’s lithium potential is still to be unlocked, so we remain very committed to continued success as one of Sweden's most active and effective explorers for critical minerals,” said King.
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