Australian
iron ore miner
Atlas Iron will sell its Yerecoin magnetite project in Western
Australia to
US-based
iron ore miner
Cliffs Natural Resources for a cash consideration of A$18 million, according to international media sources.
Cliffs will also pay royalties to
Atlas for any magnetite mined from the project in question.
As previously reported by SteelOrbis,
Atlas sold its Balla Balla magnetite project, also located in Western
Australia, to Australian company Forge Resources for A$40 million earlier this month.