CZR Resources (ASX:CZR) entered into a sale and purchase agreement with its unit Zanthus Resources and the Robe River joint venture to sell Zanthus' interests in the Robe Mesa iron ore project in Western Australia as well as mining information and the plant and equipment located on the tenements for AU$75 million, according to a April 17 bourse filing.

CZR said that its board determined that the binding offer for the stake in the Robe Mesa iron ore project from the Robe River joint venture constituted a superior proposal under the bid implementation agreement with Fenix Resources (ASX:FEX).

CZR was advised by Fenix that it did not plan to revise its offer under the matching rights process.

The joint venture consists of North Mining, an indirect wholly-owned subsidiary of Rio Tinto (ASX:RIO), Robe River Mining, an indirectly 60%-owned subsidiary of Rio Tinto, and Mitsui Iron Ore Development, a wholly-owned unit of Japan's Mitsui.

CZR also entered into a loan agreement between Robe River Mining and Zanthus under which Robe River Mining agreed to provide Zanthus with a working capital loan facility of AU$3.9 million, secured by a specific security deed.

The deal is subject to the conditions precedent, including CZR shareholder approval for the transaction. The board recommended that its shareholders vote in favor of the transaction.