Australia-based iron ore company Oar Resources has announced that it has completed the sale of its Bramfield Iron Ore Project in South Australia to Dragon Resource Investment Pty Ltd, a subsidiary of Vietnamese steelmaker Hoa Phat Group.
The company received A$440,000 for the transaction.
The parties have agreed to a slight discount on the originally agreed price of A$500,000 to conclude the sale in a timely manner as there were several delays in granting the new exploration license due to the pandemic and other factors.
Oar Resources will now focus on its newly acquired Denchi Lithium Project, SteelOrbis understands.