Macarthur Sells Western Australian Iron Ore Projects for AU$6 Million

Mining Weekly reported that Macarther Minerals has entered a share sale agreement to sell its Western Australian iron ore projects in a deal valued at AU$6 million.
As quoted in the market news:

The agreement, inked with GIM Australia, was subject to a number of conditions, including GIM’s acquisition of another project owned by an unrelated third party, the satisfactory conclusion of due diligence, Foreign Investment Review Board and TSX-Venture Exchange approval and Macarthur shareholder approval.
Macarthur CEO Joe Phillips on Wednesday said the transaction would reduce the company’s overheads and allow it to focus on bringing the Roper Bar iron-ore project, in the Northern Territory, back into production.
“In the current market, developed mining assets can be acquired for a fraction of the capital invested, while greenfield iron-ore projects are challenging and expensive. Recently, we announced the proposed acquisition of the secured debt facilities over Western Desert Resources’ Roper Bar iron-ore project, in partnership with the Tulshyan Group.
“This is a quality, developed mining asset that was producing and exporting iron-ore and has a great longer-term potential,” he stated. He noted that Macarthur was planning to return the Roper Bar project to production and was already progressing with contractor negotiations.

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