Accent Resources has entered into binding agreements to sell its Norseman gold project to Boomerang Mining for A$4-million in cash but retains 100% of the iron-ore and platinum group metal (PGM) mineral rights across the project area in Western Australia through a mineral sharing agreement.
The transaction not only delivers the cash consideration to Accent but enables the company to retain ownership of the project’s iron-ore and PGM mineral rights, together with a long-term 4% royalty interest over future production from all other minerals.
Boomerang has the right to acquire 50% of the royalty interest for A$4-million.
Established Western Australian mining contractor Mineral Mining Services has guaranteed Boomerang’s obligations under the transaction.
Accent says the proceeds will strengthen the company’s balance sheet and support the continued advancement of Accent’s core iron-ore strategy.