25.09.2015 Interalloys acquired Congo Mining ltd from equatorial resources through subsidiary Midus Global.
In Mid August Equatorial Resources Ltd, an Australian listed natural resources company and owner of Congo Mining Limited entered into a conditional agreement with Midus Global a subsidiary of lnteralloys trading Ltd for the sale of its Mayoka Moussondji Iron Ore asset in the Republic of Congo.
A consideration of $5 Million AUS is to be paid upon completion at the end of October subject to the receipt of certain consents from the Mining and Finance ministries and all discussions are proceeding well. The asset which has a combined indicated and inferred reserve of 182 million Mt of iron ore capable of producing a 64% Fe product is located 465km from the Port of Pointe Noire, and can be transported directly there by the existing rail infrastructure.
The management feel this asset is an excellent addition to Interalloys’ already strong iron ore portfolio in South Africa and should the market conditions improve, could deliver significant upside valuation, due to its low capital intensity and location, which will enable this asset to serve either Asian or European markets with a premium grade product.