Mining
By Michael Millar
Date: Wednesday 02 May 2012
LONDON (ShareCast) - Natural resources royalties firm Anglo Pacific is splashing out fourteen million dollars on part-ownership of a magnetite project located in Western Australia.
The company said it had acquired 20% of the Mount Ida 1.5% Gross Revenue Iron Ore Royalty from Red Rock Resources.
It will pay the money in three tranches, the last of which will come when commercial production starts.
Anglo said the first instalment of $6m had been completed with the payment of almost $4m and the issue and allotment of 416,161 new shares in the capital of the company to Red Rock.
Anglo-Pacific makes its money by investing in mining projects and then getting an agreed percentage of the life-time revenues of the mine.
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