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Sale of Red Hill Iron Ore Joint Venture Interest to Mineral Resources Limited Subsidiary Featured

The Board of Red Hill Iron Limited (RHI) announced that it has entered into a binding agreement to sell it’s 40% interest in the Red Hill Iron Ore Joint Venture to a wholly owned subsidiary of Mineral Resources Limited.

The Transaction is subject to the approval of RHI shareholders.

Summary of Transaction terms

The material terms of the Transaction are as follows:

  • The cash purchase price is $400,000,000 to be paid in two instalments:
    • (i) $200,000,000 on completion of the sale of the RHIOJV interest; and
    • (ii) $200,000,000 when the first commercial shipment of iron ore extracted from the RHIOJV tenements departs port.
  • In addition, MinRes will pay RHI a royalty of 0.75% of FOB revenue on all iron ore that is extracted and sold from the RHIOJV tenements and, if developed in association with the development of one or more of the RHIOJV tenements, over the Bungaroo South tenement owned by MinRes.
  • The key terms and conditions of the Binding Agreement are set out in the Notice of Meeting, lodged with the ASX today.

The sale does not include the Other Mineral Rights over the RHIOJV tenements which are retained by RHI. The RHIOJV tenements contain a Mineral Resources of 820Mt grading 56.44% iron ore.
A Shareholders Meeting will be held on 2nd September 2021 to enable shareholders to vote on this Transaction.

Source: Red Hill Iron

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