Forge Resources to Purchase Atlas Iron’s Project

Platts reported Forge Resources (ASX:FRG) will purchase Atlas Iron’s (ASX:AGO) vanadium/titanium/iron project.

As quoted in the market news:

The two companies have signed a binding agreement under which Forge will pay Atlas A$40 million ($39.8 million) plus a capped royalty based on tonnage sold. The payment is to be split into two stages, with an initial A417.5 million due by end February, 2012, and the remaining A$22.5 million by end February, 2013.

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