Emerging Australian iron ore miner Dynasty Metals Australia Limited (DMAL) has recently announced that it has signed an agreement with Chinese coal producer China Coal Geology Engineering Corp to farm out its non-core basic metal mining tenements in the Pilbara region of Western Australia (excluding the Irwin River coal seam gas tenements) to the Chinese company.
According to the agreement, DMAL will transfer the mines in question to a single entity, while China Coal Geology Engineering Corp will pay AU$2 million to acquire a 60 percent equity interest, and will acquire a further 20 percent interest in three years at a cost of AU$750,000.