Nickel corp negotiating iron ore sale 2:16 PM May 5
The Sherlock Bay Nickel Corporation is negotiating the purchase of a one billion tonne iron ore project in the Pilbara in north-west Western Australia.
Last December, Sherlock bought the Cane River Project from Mineralogy, and it is now making arrangements to buy the Balmoral Southern Block, 80 kilometres south-west of Karratha.
Mineralogy recently announced Hong Kong-based Citic Pacific has offered $1.6 billion for the mining rights for at least two of its Pilbara projects.
Sherlock Bay managing director Darren Hedley says the deal highlights how important it is for the company to aggressively pursue the Balmoral tenement.
"Citic are a very large organisation and I think it's testimony to the quality of the resource that they've chosen, you know in all places of the world to invest they've chosen on Mineralogy's central block and we're busy drilling away on the block next door," he said.
Source: ABC
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