PERTH (miningweekly.com) – ASX-listed Mineral Resources has completed the A$20-million purchase of the Parker Range iron-ore project, in Western Australia, from fellow-listed Cazaly Resources.
In addition to the A$20-million cash payment for the Parker Range project, Mineral Resources has also agreed to a royalty of 50c for every tonne of iron-ore extracted and removed from the project, after the first 10-million tonnes.
The Parker Range project has a current reserve of 31.4-million tonnes targeting an iron-ore fines product grading of 56.4% iron, located some 400 km east of Perth.