Beadell Resources Limited: Sells Iron Ore Royalty to Anglo Pacific for A$31M
23.09.2010 | ABN Newswire
10:40 AEST Sept 23, 2010 ABN Newswire (C) 2004-2010 Asia Business News PL. All Rights Reserved.Sydney, Australia (ABN Newswire) - Gold explorer Beadell Resources Limited (ASX:BDR) said it has agreed to sell the Amapa Iron Ore Royalty for A$31.25 million cash to the global natural resources royalties company, Anglo Pacific Group (LON: APF)(TSE: APY).
Completion of the sale is conditional on finalising the definitive documentation of the Sale and Purchase Agreement and on the execution of a Deed of Assignment, Assumption and Consent by the entities that are parties to the Royalty agreements, both of which are expected to occur in the coming weeks.
The company aims to fund the construction of the CIL Gold Plant at its Tucano project in Brazil by way of selling noncore assets supplemented with sensible levels of debt.
Beadell Resources has five key exploration projects in Australia and the advanced Tartaruga Project in northern Brazil.
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