Cazaly Resources Says Anglo American Agrees Iron Ore Earn-In
26 September 2011 - 10:43AM
Dow Jones News
Global diversified miner Anglo American PLC (AAL.LN) will spend
up to A$51 million on development to earn a stake of up to 75% in
the Earaheedy iron ore project being developed by Cazaly Resources
Ltd. (CAZ.AU) and Vector Resources Ltd. (VEC.AU) in Western
Australia, Cazaly said Monday.
Anglo would agree to drill at least 7,500 metres in the next 18
months on the 890 square kilometer site near Wiluna in the state's
midwest region, giving itself a 51% stake in the project if it
chooses to go ahead and pays A$21 million more to the Cazaly-Vector
joint venture over four years.
Anglo would raise its stake to 75% by paying A$5 million to the
joint venture and completing a bankable feasibility study, Cazaly
said.
"Earaheedy is a potentially major iron ore province and it needs
the resources and expertise of a major player to develop it,"
Cazaly Managing Director Clive Jones said in a statement.
-By David Fickling, Dow Jones Newswires; +61 2 8272 4689;
david.fickling@dowjones.com
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