Atlas sells Balla Balla magnetite project for $40m

Dec 20, 2011 | 10:49 PM |

ASX-listed Atlas Iron has agreed to sell its Balla Balla magnetite project to Forge Resources for $40 million. The proceeds will be paid in two stages as well as a royalty payment on revenue of initial sales, Atlas said. “A 4% royalty on revenue, after government taxes and royalties, shall be paid to Atlas from the initial 5.5 million tonnes of contained Fe within magnetite concentrate sales....

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