Australian miner Alkane Resources Ltd has announced that it has sold its investment in Australian iron ore producer BC Iron Ltd for approximately AU$9.7 million (US$9 million).
BC Iron Limited has also confirmed that Alkane Resources sold its remaining 5 million shares in the company, representing a holding of 5.95 percent, to a number of offshore and domestic institutional investors.
As SteelOrbis previously reported, subject to final environmental and regulatory approvals, production at Nullagine iron ore project, an equal share joint venture between BC Iron and Australian iron ore producer Fortescue, is scheduled to start in the second half of 2010 at the rate of 3 million mt per annum of high-quality, direct shipping iron ore.