[miningmx.com] – EQUATORIAL Resources has sold its iron ore project Mayoko-Moussondji in Central African Republic to Interalloys Trading for A$5m in cash and a 2% royalty over iron ore produced from the prospect in the future.
John Welborn, MD of Equatorial Resources acknowledged Interalloys as the right strategic partner for the iron ore project. “They have the skills and the motivation to advance the project into production,” he said.
The Mayoko-Moussondji project was expected to produce 2.5-million tonnes a year, over an initial eight-and-a-half-year mine life. The mine would require a capital injection of about $181m.
