Montezuma Mining receives A$4M cash payment from Sinosteel Midwest
Montezuma Mining (ASX: MZM) has received a A$4 million cash payment from Sinosteel Midwest Corporation Limited, pursuant to the terms of the Mt Padbury sale agreement.
The company said additional funding will further underpin aggressive exploration at the company's projects.
Montezuma sold the iron ore rights at Mt Padbury to Sinosteel Midwest, a subsidiary of Chinese steel group, Sinosteel Corp.
As part of the agreement, Montezuma was entitled to a one-off payout of A$4 million in cash if Sinosteel Midwest defined a resource of at least 10 million tonnes with an average grade in excess of 50%.
Sinosteel Midwest defined a Maiden JORC compliant Inferred Mineral Resource Estimate for the Jabiru Prospect at the Mt Padbury Project of 13.3 Mt of iron mineralisation grading 56% Fe on April 7.
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