Australian miner CuFe Limited has announced that it has signed a binding agreement to sell the iron ore rights pertaining to the JWD iron ore mine in Western Australia to Newcam Minerals Pty Ltd. for A$12 million. The completion of the sale will be subject to various conditions including approval of CuFe shareholders, with a meeting expected to be held in early October.
The alternative was suspending the mine which would create an extra cost, the company said, “With iron ore prices remaining volatile and with current price levels below our breakeven cost we feel like now is the time to turn our focus to those assets which offer greater potential for value creation for our shareholders”.
