Anglo Pacific Group PLC: Acquisition of Iron Ore Royalty from London Mining

Anglo Pacific Group PLC (LME:APF,TSX:APY) reports it has agreed to purchase a 1% gross revenue royalty on London Mining PLC’s (OSL:LOND) Isua iron ore project.

The press release is quoted as saying,

The royalty agreement contains a number of trigger events, the occurrence of which will allow Anglo Pacific to convert the royalty back into the US$30 million consideration, the satisfaction of which can be in cash or London Mining shares at London Mining’s election. Trigger events include a failure to fulfil certain milestones, including the completion of a bankable feasibility study by 31 December 2012 and obtaining an exploitation licence by 31 December 2013.

For the complete press release, click here.