MinRes buys Kumina

MINERAL Resources has had a much-needed win after a year of corporate transactions that haven’t quite gone the company’s way by securing a binding agreement to purchase the Kumina iron ore project in Western Australia’s Pilbara region from BCI Minerals.

MinRes buys Kumina MinRes buys Kumina MinRes buys Kumina MinRes buys Kumina MinRes buys Kumina

Drilling at Kumina

It will pay BCI A$35 million comprising $27 million at close and two $4 million payments based on the first export of iron ore and on the first year anniversary for tenements that BCI only secured in late 2017 for a mere $9 million.
Kumina is about 100km south of Karratha and has an inferred resource of 78.3 million tonnes at 59.1% iron, which emerged from resource drilling earlier this year.
Managing director Chris Ellison, who had made no bones about not overpaying for assets such as Atlas Iron or oiler AWE, said MinRes had taken a "selective" focus for assets that fit its growth plans.
"(We) were not interested in acquiring BCI's entire iron ore portfolio," he said of assets that represe...