Mineral Resources Limited (AU:MIN) has released an update.
Red Hill Minerals Limited has announced a significant milestone with the delivery of the first ore shipment from the Onslow Iron Project, triggering a second $200 million payment from Mineral Resources Limited and initiating a 0.75% FOB royalty revenue stream. This development follows the sale of Red Hill’s 40% stake in the joint venture to MinRes and is expected to provide ongoing benefits to shareholders through both direct payments and royalties from future production. The project, which is forecast to reach an annual capacity of 35 million tonnes by June 2025, represents a key step in MinRes’ transition to more efficient, long-term iron ore operations.
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