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Iron Ore Holdings agreed in October 2011 to sell three Central Pilbara iron-ore tenement packages to Process Minerals International, a wholly owned subsidiary of Mineral Resources, for A$42 million in cash. The agreement was conditional; the sale was completed in April 2012 after approvals and staged payments.
What Iron Ore Holdings agreed to sell
Iron Ore Holdings Limited (IOH) announced the agreement on 13 October 2011. The buyer was Process Minerals International (PMI), a wholly owned subsidiary of Mineral Resources Limited (MinRes, also known as MRL). The assets were three satellite tenement packages in Western Australia’s Central Pilbara:
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- Phil’s Creek
- Lamb Creek
- Yandicoogina Creek
IOH’s announcement described the combined packages as containing 54.8 million tonnes of Inferred and Indicated JORC resources at an average grade of 56.7% iron. Those are resource figures reported by IOH in 2011, not current reserve estimates. IOH’s 13 October 2011 announcement.
How the A$42 million payment was structured
The agreed consideration was A$42 million in cash: a A$5 million deposit on signing, with the remaining A$37 million payable in two later tranches. Payment and transfer depended on specified conditions being met. IOH’s 13 October 2011 announcement.
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| Payment or condition | What IOH reported |
|---|---|
| Deposit | A$5 million on signing, under the terms announced by IOH in 2011. |
| Phil’s Creek tranche | A$16 million received by 6 March 2012 after the conditions were met and the mining proposal was approved. |
| Remaining balance | A$21 million for Lamb Creek and Yandicoogina Creek, due within 30 days of IOH’s 6 March 2012 update; IOH confirmed receipt in cleared funds on 10 April 2012. |
The payments were reported in IOH’s dated announcements: 6 March 2012 and 10 April 2012.
Why the deal was conditional—and when it closed
The October 2011 agreement required ministerial consent to transfer the tenements and approval of the Phil’s Creek mining proposal by the Department of Minerals and Petroleum. On 6 March 2012, IOH said all conditions had been met. It reported that the Phil’s Creek proposal was approved on 29 February and that it had received the then-outstanding A$16 million for that tenement. The A$21 million balance for the other two packages was due within 30 days. IOH’s 6 March update.
On 10 April 2012, IOH said the final A$21 million had arrived in cleared funds, completing the transaction. The headline’s “deal” therefore refers to an agreement announced in October 2011; completion followed in April 2012. IOH’s completion announcement.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What IOH said the sale meant for its portfolio
IOH said the disposal followed a strategic review of its Central Satellite deposits. It planned to use the proceeds for further exploration, project studies and possible new business opportunities. The company also said it expected to retain 878 million tonnes of Pilbara JORC resources after the sale was completed, compared with 933 million tonnes reported in its portfolio before the sale. These were IOH’s 2011 figures and forecast, not an independent assessment of its later portfolio. IOH’s 13 October 2011 announcement.
MinRes chief executive Peter Wade described the acquisition’s strategic rationale to PerthNow: “The IOH tenement package provides MRL with a substantially increased resource base in the region complementing its current iron ore and manganese holdings.” PerthNow’s report.
What happened to the companies and assets afterward
IOH is a historical company in this story, not a currently listed one. The ASX archive records it as delisted on 27 October 2014 following the compulsory acquisition of its securities by BC Iron Limited. That later corporate event was separate from the 2011–12 sale to PMI. ASX company archive for IOH.
For a limited current asset reference, MinRes’s Pilbara Hub page says it has operated the mine since 2014 and describes Lamb Creek as an open-cut iron-ore mine, with MinRes managing the mine and related infrastructure. The page does not establish the current operating status of every asset in the original three-package sale, so that description should not be extended to Phil’s Creek or Yandicoogina Creek. MinRes Pilbara Hub.
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