Cliffs Natural Resources Snaps Up Australian Iron Ore Resource
Australian miner Golden State Resources has sold its interest in the Johnson Range iron ore project to a subsidiary of Cleveland-based Cliffs Natural Resources. The deal is said to be worth A$3 million.
Under the agreement Golden State will receive a gross royalty of 2% on iron ore sales from Johnson Range coupled with a 2% gross royalty on the sale of all other minerals transported from the project.
The project is located in the Yilgarn region of Western Australia, around 400km (250 miles) east of Perth.
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