Anglo Pacific invests in Western Australia

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.

Article continues below

Try 6 free issues of MoneyWeek today

Get unparalleled financial insight, analysis and expert opinion you can profit from.

Start your trial

https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

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.

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.