Australia-based mining company Strike Resources has announced that it will divest its Paulsens East iron ore mine in the Pilbara region of Western Australia to Australian miner Miracle Iron Holdings for A$20.5 million. The sale is expected to be completed in February this year.
Strike Resources plans to use a part of proceeds of the sale to fully repay its US$7.2 million loan owed to Australia-based Good Importing International, while it will use the remainder of the proceeds to advance its Apurimac Iron Ore Project in Peru and for working capital purposes.