Australian iron ore miner IMX Resources Ltd has announced that it has received the final $3,988,888 payment from China's Sichuan Taifeng for its 49 percent equity interest in IMX subsidiary Outback Iron Pty Ltd, an IMX subsidiary that holds the Cairn Hill iron ore project in South Australia.
According to an IMX statement, this final payment brings the total paid by Sichuan Taifeng for its 49 percent equity interest in Outback Iron through its subsidiary Termite Resources NL, to $23,988,888.
As SteelOrbis previously reported, in addition to its stake in Outback Iron, Sichuan Taifeng had also acquired a 19.9 percent stake in IMX Resources.
Cairn Hill mine, located near Coober Pedy, South Australia, is expected to export about 1.7 million metric tons of ore a year via Port Adelaide when it is completed. The mine currently has inferred and indicated resources of 11.4 million metric tons, at 49.5 percent iron, 0.4 percent copper and 0.1 percent gold. Cairn Hill mine recently made its first ore delivery to China.