Mindax Limited has announced that Norton Gold Fields Pty Limited has issued a withdrawal notice in relation to the shareholder agreement between the companies and Yilgiron Pty Limited for the Mt Forrest Iron Project.
According to the notice, Norton will not proceed to the completion of the Third Earning Condition under the shareholder agreement, being the delivery of a Pre-Feasibility Study (PFS).
Following Norton’s decision, its 502 C Class Shares in the capital of Mindax will be cancelled for zero consideration and the earning period under the agreement will expire.
Additionally, Norton’s shareholding interest in Yilgiron will remain at 35%.
Mindax now plans to further review development opportunities for Mt Forrest, including seeking alternative joint venture partners to assist with development activities.
Mindax will also continue working with the Australian Gas Infrastructure Group and Verbrec on the PFS to examine the economics of developing shared infrastructure that can provide a hydro transport system that can deliver iron ore concentrate to port facilities to be located near Geraldton.
Commenting on the announcement, Mindax Chair Benjamin Chow said the company is currently seeing a lot of opportunities for consolidation and collaboration with other companies in the Midwest.
He added that Mindax is also seeing infrastructure groups capable of working on solutions that can unlock the potential of the Yilgiron region.
