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"
"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