Fe Limited (ASX:FEL) has received a royalty payment of $41,901 in relation to mining conducted by Cliffs Asia Pacific Iron Ore Pty Ltd at its Deception iron ore mine on Cliffs’ M77/1259 during the March 2018 quarter.
Fe Limited, chaired by Tony Sage, has the potential to earn $2 million a year through royalties.
Royalty details
The company holds a 1.5% dry metric tonne, FOB royalty over two tenements (E77/1322 and M77/1259) within the Evanston Project, registered to Black Oak Minerals Limited.
Cliffs Asia Pacific Iron Ore Pty Ltd previously held these tenements but sold them to Black Oak and provided a Deed of Assignment and Assumption pursuant to the Evanston Iron Ore Rights Deed to Fe Limited assigning the obligation to pay the associated royalty from Cliffs to BOK.
The tenements are 20 kilometres north of the Windarling mine.
The Evanston Iron Ore Project is in the Southern Yilgarn Iron Province of Western Australia and covers an area of 167 square kilometres, of which E77/1322 and M77/1259 cover a combined area of 76.92 square kilometres.
Exposure to exploration success near DeGrussa
Fe Limited has exposure to drilling in the Bryah Basin region of Western Australia.
Sandfire Resources NL (ASX:SFR) is involved in a farm-in with Auris Minerals Ltd (ASX:AUR) and Fe Limited at the Morck’s Well Project.