Australia’s IOH sells three iron ore tenements in Pilbara

Australia-based iron ore exploration company Iron Ore Holdings Limited (IOH) has announced that it has sold its three Central Pilbara satellite tenement packages, namely Phil's Creek, Lamb Creek, and Yandicoogina Creek to Process Minerals International (PMI), wholly-owned subsidiary of Australia-based diversified mining service and processing company Mineral Resources Ltd.
 
IOH will receive A$42 million cash over a 90-day period and at the final completion of the MinRes transaction IOH will retain 100 percent ownership of 878 million mt of JORC resources in the Pilbara region of Western Australia.
 
According to the IOH statement, for the transaction to be completed, IOH needs to get ministerial consent for the transfer of the relevant tenements and approval from the Department of Minerals & Petroleum for the Phil's Creek mining proposal. The parties have 45 business days to satisfy these conditions.