China Railway Materials Commercial strikes iron-ore deal with United Minerals
Pilbara iron ore developer United Minerals Corporation (ASX: UMC) has agreed to a A$27.2 million placement of shares to China Railway Materials Commercial, one of the top three steel buying groups in China.
China Railways will be issued 20 million shares in UMC at $1.35 per share. UMC shares closed at $1.05.
The capital raising is conditional on finalisation of a 10 year, 3 million tonnes per annum offtake agreement withChina Railways from the Railway iron ore deposit in the Pilbara.
China Railways will hold 11.38% of UMC after the placment, and will be issued with 2 million attaching 2011 options with an issue price of 10 cents per share, exerciseable at $1.35 per share.
Matthew Hogan CEO of United Mining said the agreement with China Railways will prove pivotal for the company and the development of its Railway Iron Ore Deposit in WA.
He said funds from the capital raising will enable the Railway Iron Ore Deposit to be advanced towards production.
It is expected the long term off‐take agreement will materially assist with the financing of the project, Matthew Hogan said.
The placement will require approval from the Australian Government.
- Bauxite Resources公司收到大量持股通知
- ASF Group的联营公司将Dawson West热煤项目的资源储量提升至6.45亿公吨
- White Cliff Minerals公司于Aucu项目发现新的矿化带
- Bauxite Resources公司非执行董事卸任
- South Boulder Mines公司董事长购买市售股份
- Carbon Energy公司筹资500万澳元以推进天然气项目
- South Boulder Mines公司降低Colluli钾肥项目的运营开支和资本开支