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.
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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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