Australia-based miner Legacy Iron and Australian mineral exploration company Hawthorn Resources have announced that they have signed an agreement pursuant to which Legacy will acquire 60 percent interest in Hawthorn's issued capital, subject to shareholder approval.
According to the agreement, Hawthorn will acquire Legacy's interest currently held in the Mt. Bevan iron ore project. Therefore, development and commercialization of the Mt. Bevan project will be under the control of a single company.
Earlier this month Hawthorn announced that it would spin off all the other assets, enabling the company to become a distinct iron ore company with the Mt. Bevan iron ore project as its only project.