CZR Resources receives $46.4m offer for Robe Mesa project in Australia [Yahoo! Finance]
Rio Tinto Plc (RIO)
US:NYSE Investor Relations:
riotinto.com/investors-87.aspx
Company Research
Source: Yahoo! Finance
The deal includes a sale and purchase agreement, a loan facility and a release deed to facilitate the transfer of assets. The RRJV comprises North Mining, a fully-owned subsidiary of Rio Tinto; Robe River Mining, which is 60% owned by Rio Tinto and 40% by Mitsui; and Mitsui Iron Ore Development, a subsidiary of Mitsui & Co. An upfront non-refundable exclusivity fee of A$650,000 is also part of the offer. In addition, the agreement includes a working capital loan facility of A$3.85m secured against exploration licence E08/1686 and other assets of Zanthus, a CZR subsidiary. The CZR board has deemed the Robe River JV offer superior to the previous Fenix Resources takeover offer , citing a significant premium, immediate cash availability and the retention of non-Robe Mesa project portfolios. The cash consideration from RRJV is expected to provide CZR with approximately A$68m post-tax, allowing for the development of retained projects without dilutive capital raisings. CZR wil
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