Buru Energy (ASX:BRU) subsidiary, Battmin, divested its 50% interest in the Barbwire Terrace base metal project in Western Australia to Sipa Resources (ASX:SRI), according to a Friday filing with the Australian bourse.
Sipa agreed to grant Battmin a royalty of 0.6% of the net smelter return from the tenements' future production. Sipa has the right to buy back the royalty for AU$600,000.
The transfer of the tenements is subject to customary regulatory approvals, per the filing.
Buru Energy's shares tumbled 10% in recent Friday trade.
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