ASX Announcement 13 February 2015
Investment Update
Mt Webber Project
Atlas Iron Limited (ASX:AGO) is pleased to advise that the condition precedent for moving to 100% ownership of the Mt Webber Mine has been satisfied.
Atlas' agreement with Altura Mining Limited (ASX: AJM) to purchase their joint venture interest in the Mt Webber mine was subject to Altura shareholder approval (see Atlas announcement 24 December 2014). The shareholders of Altura have now resolved to approve the transaction, with settlement to occur in the following days.
The Mt Webber project spans mining lease M45/1209 (Atlas 70%, Altura 30%), and the northern adjoining tenement M45/1197 (Atlas 100%), with Altura's share representing approximately 16% of the combined project. The final consideration payable (approximately A$24 million) is equivalent to the outstanding principal and interest under the loan from Atlas to Altura and other amounts due to Atlas, and therefore there is no cash outflow from Atlas. The ultimate effect of the transaction is that Atlas owns 100% of the mine having historically funded 100% of the development costs.
Shaw River Manganese Limited
Atlas also advises that all conditions precedent for divesting its 43.76% shareholding in Shaw River Manganese Limited (ASX:SRR) have been satisfied (see SRR announcement dated 13 August 2014 and AGO announcement dated 21 August 2014), with settlement to occur in two tranches over the following weeks.
Investor Enquiries:
Atlas Iron +61 8 6228 8000
Ken Brinsden, Managing Director
Mark Hancock, Chief Commercial Officer
Media Enquiries:
Read Corporate +61 8 9388 1474
Paul Armstrong +61 421 619 084
Atlas Iron Limited
ABN 63 110 396 168
Raine Square, Level 18
300 Murray Street Perth WA 6000
PO Box 7071
Cloisters Square Perth WA 6850
P: +61 8 6228 8000
F: +61 8 6228 8999
E: [email protected]
W: www.atlasiron.com.au