Mineral Resources (ASX:MIN) fetched AU$780 million in initial payment for the completed sale of exploration permits 368 and 426 to Hancock Prospecting, according to a Wednesday filing with the Australian bourse.
In the same filing, Mineral Resources said the companies agreed to form two 50-50 exploration joint ventures over the mining company's remaining exploration permits in the Perth Basin and Carnarvon Basin. Under this, Hancock will buy 50% of Mineral Resources' Explorer drill rig and associated infrastructure for AU$24 million.
Completion is expected in the first quarter of 2025.
The mining company added that definition drilling for the Moriary Deep Prospect is underway in the onshore Perth Basin, and further drilling for Lockyer-6 will be completed in fiscal 2025 to meet the requirements to unlock a potential purchase price adjustment of up to AU$327 million.
Price (AUD): $34.87, Change: $+0.18, Percent Change: +0.52%
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.