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Stratex agrees sale of Brazil iron ore mine

Published: 07:56 02 Aug 2017 BST

picture of iron ore mine
Posse is being sold for £1.94mln

Stratex International PLC (LON:STI) has agreed to dispose of the Posse Iron Ore mine in Brazil for R$8mln or about £1.94mln.

The consideration will be paid over a 17-month period conditional on R$1.0mln (£0.24mln) being paid before 10 August after which payment will be in 15 equal monthly payments.

The sale agreement is also conditional on the transfer of the Posse mineral tenements to the acquirer by the Brazilian Mines Department. 

READ: Stratex International to merge with Aussie peer Crusader Resources

Marcus Engelbrecht, chief executive, said: "The agreed sale of Posse marks an important step in our ongoing acquisition of Crusader, reinforcing the company's intention to become a gold explorer and near-term producer and freeing the management team of the combined group to focus on that vision."    

Stratex merged with Aussie-listed Crusader in July. Crusader has two early stage gold projects in Brazil, while Stratex has assets in Djibouti, Egypt and Turkey.

Crusader shareholders ended up with 81% of the enlarged company following the reverse takeover.

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