Sichuan Taifeng completes payment for stake in Cairn Hill iron ore project

Tuesday, 18 January 2011 15:56:21 (GMT+3)   |  
       

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.


Similar articles

Major steel and raw material futures prices in China - March 29, 2024

29 Mar | Longs and Billet

Iron ore prices drop by over $9/mt week on week, mood remains bad

28 Mar | Scrap & Raw Materials

Goa government to ease policy for liquidating iron ore dumps lying on private land

28 Mar | Steel News

Major steel and raw material futures prices in China - March 28, 2024

28 Mar | Longs and Billet

CISA: Coking coal purchase cost in China down 9.86% in Jan-Feb

28 Mar | Steel News

Brazilian high-grade iron ore price declines sharply in two days

27 Mar | Scrap & Raw Materials

Daily iron ore prices CFR China - March 27, 2024

27 Mar | Scrap & Raw Materials

India’s JSPL takes operational charge of iron ore complex in Venezuela

27 Mar | Steel News

Major steel and raw material futures prices in China - March 27, 2024

27 Mar | Longs and Billet

Vale selected to begin award negotiations for US briquette plant

26 Mar | Steel News