Mineral Resources sells shuttered Yilgarn Iron project
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The news: Mineral Resources has sold its troubled Yilgarn Iron project in the Goldfields region in Western Australia to Yilgarn Iron Investments.
The numbers: Yilgarn Iron Investments has acquired all shares in Yilgarn Iron. Yilgarn Iron Investments will also secure all other tenements and land interests across the Yilgarn Hub.
Mineral Resources told the market that the “commercial terms of the sale are confidential and immaterial”.
The context: Mineral Resources ceased exports from the Yilgarn Hub at the end of 2024 after ramping down operations because it was not considered financially viable at the time.
This led to about 800 people being redeployed across Mineral Resources, according to the company.
Although approval, licences, entitlements and fixed assets associated with Yilgarn Iron have been transferred to Yilgarn Iron Investments, Mineral Resources has retained “all gold and lithium rights on tenements within the Yilgarn Hub”.
The sale means Yilgarn Iron Investments is responsible for and indemnifies Mineral Resources against all environmental, closure and rehabilitation liabilities in relation to Yilgarn Hub assets.
What they said: “As we transfer our Yilgarn operations to a new owner, we take great pride in everything the MinRes team has achieved in the region over the past 14 years, and that we were able to save hundreds of jobs at Koolyanobbing that would have otherwise been lost with the departure of Cleveland Cliffs,” Mineral Resources managing director Chris Ellison said.
The source: ASX
