Macarthur Minerals hails JV partner Fe Limited’s acquisition of 50% stake in Yarram Iron Ore Project

By Deputy Chief EditorAugust 21, 2020

139 1 minute read

Macarthur Minerals Ltd (ASX:MIO) (CVE:MMS) has welcomed the move by joint venture partner Fe Limited (ASX:FEL) to buy a 50% interest in the Yarram Iron Ore Project in the Northern Territory.

Under a heads of agreement, FEL will pay A$1.5 million in cash and shares with a further A$1.5 million in cash and shares payable on achieving a JORC indicated resource milestone.

"Potential to form part of the continuing success story"[hhmc]

Macarthur president and executive chairman Cameron McCall said: "We are excited by the news that Fe Limited is acquiring a 50% interest in the Yarram Iron Ore Project.

"With the current robust iron ore market, FELs play for a mature iron ore asset like Yarram, which is located close to existing port and mining infrastructure, is a smart move.

"As Macarthur currently holds 26,666,667 Ordinary Shares in FEL (and pursuant to its Joint Venture Agreement with FEL, can earn a further $500,000 in cash or shares in FEL under the earn-in arrangements), the successful delivery of the Yarram Project by FEL and its joint venture partner, Gold Valley Iron and Manganese Pty Ltd, has the potential to form part of the continuing success story for Macarthur and its shareholders.

"We wish FEL and its management Read More – Source

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