- Macarthur Minerals (MIO) will keep its Pilbara iron ore tenements through a tenement transfer agreement with its subsidiary Infinity Mining, which is aiming to list on the ASX
- The agreement will see Macarthur keep its iron ore tenements in the Pilbara region, but Infinity will keep the non-iron ore rights in the Pilbara tenements
- Further details on the tenement transfer are currently being planned, but the deal is expected to be completed prior to Infinity’s listing
- On market close, Macarthur is up 26.5 per cent and is trading at 62 cents per share
Macarthur Minerals (MIO) will keep its Pilbara iron ore tenements through an intra-group tenement transfer agreement.
MIO’s subsidiary, Infinity Mining, is planning to list on the ASX.
The transfer agreement will see Macarthur keep its iron ore tenements in the Pilbara region, but Infinity will keep the non-iron ore rights in the Pilbara tenements.
Notably, the tenements are also prospective for copper, gold, nickel and lithium.
Further details on the tenement transfer are currently being planned but the deal is expected to be completed prior to Infinity’s listing.
This deal will preserve Macarthur’s ability to pursue a future iron ore extension strategy in the Pilbara, with the potential to grow future value beyond the company’s Lake Giles Iron Project.
The tenements in the deal include Strelley Gorge and Tambourah, together having a combined area of around 616 square kilometres.
“Macarthur will seek to transact with a partner on the Pilbara tenements to enable it to maintain its current focus and resources on the development of its flagship Lake Giles hematite and magnetite projects,” the company said.
On market close, Macarthur is up 26.5 per cent and is trading at 62 cents per share.