WPG Resources back in iron ore business

Australian mineral resources company WPG Resources Ltd has announced that it has re-entered the iron ore business in South Australia, signing a binding heads of agreement with Brisbane-based Maosen Australia Pty Ltd for the development of the Giffen Well iron ore project.
 
WPG will hold interest in Giffen Well through its subsidiary Giffen Iron Private Limited, which can earn up to an 82 percent interest in the joint venture after A$5 million payment and funding a bankable feasibility study.
 
WPG Resources withdrew from the iron ore sector when it sold its iron ore assets to Australia's OneSteel in October 2011 for approximately A$320 million.