Alien Metals Ltd (AIM:UFO, OTC:ASLRF) has received a 'no objection' letter from the Australian Foreign Investment Review Board in relation to the company's acquisition of a 100% interest in the Munni Munni platinum group metals and gold project in the West Pilbara, Western Australia.
The Munni Munni project is currently subject to a joint venture between Artemis Resources Limited and Platina Resources Limited (Platina Resources Ltd (ASX:PGM)).
The 'no objection' from FIRB was one of the key conditions precedent to the acquisition, as referenced in Alien’s announcement of 21 January 2022.
The company plans to satisfy the remaining conditions in the coming weeks.
"Receiving FIRB approval from the Australian government for the acquisition of the Munni Munni Project satisfies one of the most significant regulatory conditions precedent to the transaction,” said Bill Brodie Good, Alien’s chief executive.
“We are now working on finalising the outstanding aspects to the conditions precedent to be able to complete soonest and start working in earnest on this very exciting project.”
The Munni Munni project hosts the largest ultramafic intrusion in the West Pilbara and is one of the biggest undeveloped primary platinum group elements resources in Australia.