News: West Peak Iron selling Liberian assets

West Peak Iron (ASX:WPI) has entered into an agreement to sell its Liberian assets to Mineraux Limited.

Mineraux will acquire an initial 17% interest in West Peak’s Liberian subsidiary that owns the assets by paying US$50,000.

It can then earn a further 17% by paying US$100,000 on or before 31 December 2014; 17% (to 51%) by paying US$150,000 on or before 30 June 2015.

Mineraux can acquire the remaining 49% by providing a written notice to West Peak on or before 30 June 2015.

Should it choose to do so, West Peak will be entitled to a $1 per tonne royalty on all minerals, concentrates, metals, ores and other mineral substances produced from the Liberian assets.