Strike Resources, an Australian firm, has entered into a conditional agreement with a subsidiary of Zhongrong Xinda Group, a Chinese based firm, for the sale of its Apurimac and Cusco iron ore projects in Peru. The Apurimac project is estimated at 269 million mt at 57.3 percent iron and the Cusco project at 104 million mt at 32.6 percent iron. The company stated the reason for divestiture is that it is shifting its focus to other commodities.
The Chinese group, which has published reported assets of about 130 billion yuan ($25 billion), recently also acquired the large-scale Pampa de Pongo iron ore project in Peru.
The sale is estimated to between $10-13 million. The due diligence is expected to be completed by April 2017.