Watching this unfold over the last year has shown how...

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zacko92

272 Posts.

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22/01/25

17:33

Post #: 77517906
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Originally posted by Package: ↑

It should be remembered that Strike Resources sold their Paulsens East iron ore project to Miracle Iron for $20 million which was completed in March 2024, but announced in January 24. Going through the various documents related to the transaction, there was no mention of having to get FIRB approval for the purchase - but there were various other conditions required to be met. In relation to MIracle, Strike provided the following details in the announcement of the transaction.

Overview of the Buyer
Miracle Iron Holdings Pty Ltd is a Perth based private company owned by Mr Chuanshui (Frank)
Yin (who is the sole director and secretary).
Mr Yin has been active in developing Sino-Australia business ventures in the mining sector and
has facilitated a number of negotiations between Chinese and Australian parties in mining
development investments and off-take agreements. Mr Yin was also the Director and Chief
Executive Officer (2012 - 2018) of Ishine International Resources Limited (former ASX:ISH), a
minerals exploration company with gold and copper projects in Western Australia, South Australia
and Queensland.
Strike is satisfied in relation to Miracle’s financial capacity to complete the transactions
contemplated under the Agreement, after having completed due diligence on Miracle and Mr Yin,
negotiating a significant A$2 million deposit (non-refundable in certain circumstances) and having
sighted Miracle’s bank account statement showing sufficient funds at call to fund Miracle’s
payment obligations at completion.

So it seems that Miracle is a long standing and active participant in the exploration/mining industries and has the financial capacity to pay so I agree that it seems highly unusual that approval of the (relatively small) CZR transaction has been held up for so long.

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Watching this unfold over the last year has shown how embarrassing our current government is.
That sale seems like it was under the 2024 FIRB thresholds (I think it was around $70m), so wasn't required to go through this mess!

It seems like the FIRB have just released new thresholds this year!
https://foreigninvestment.gov.au/guidance/general/monetary-thresholds

In hindsight, would a lower sale price and keeping a royalty been able to bypass the FIRB?

CZR Price at posting: 18.5¢ Sentiment: Hold Disclosure: Held
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(20min delay)
Last 22.5¢		Change 0.000(0.00%)		Mkt cap ! $53.26M

Open	High	Low	Value	Volume
22.5¢	22.5¢	22.5¢	$225	1K

Buyers (Bids)

No.	Vol.	Price($)
1	110859	22.5¢

Sellers (Offers)

Price($)	Vol.	No.
24.0¢	35486	3

View Market Depth

No.	Vol.	Price($)
1	110859	0.225
2	8545	0.220
1	36503	0.215
2	15000	0.200
1	6000	0.155

Price($)	Vol.	No.
0.240	35486	3
0.245	70084	2
0.250	66000	3
0.255	40000	1
0.260	550000	2

Last trade - 15.53pm 25/06/2025 (20 minute delay)

CZR (ASX) Chart

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