Pluton Resources reinstates Cockatoo Island JV with Wise Energy Group
- 04 Sep 2013
Pluton Resources’ has met all conditions outstanding to the sale of 50% of the Cockatoo Island Iron Ore Project off Western Australia to Wise Energy Group, enabling the joint venture to take effect from August 31st 2013.
The company had moved to reinstate the asset sale on May 1st 2013. As previously agreed Pluton will be Manager of the Joint Venture and responsible for all operational activities with WEG being responsible for the shipping and marketing of Cockatoo ore.
WEG remains a significant shareholder in Pluton and has been very supportive of Pluton - achieving presales of $12.7 million of Cockatoo ore as well as a 1 million tonne off-take agreement that included a $23 million pre-payment in October 2012.
Source - Proactive Investors
(www.steelguru.com)
PLV Price at posting:
8.4¢ Sentiment: None Disclosure: Held
