Alkane nets $9.7m from BC Iron sale

Perth-based Alkane Resources has reaped $9.7 million from the sale of its remaining 5.95 per cent interest in BC Iron to offshore and domestic institutional investors.

The sale was managed by Sydney-based broking firm, BBY, which sold the parcel of shares off-market.

BC Iron today thanked Alkane for its long-term support as a foundation shareholder and welcomed the new institutional shareholders to its register.

"It is pleasing to see such strong institutional support and interest in the company," BC Iron managing director Mike Young said.

"It is great to see the profile of the company growing and our investor base continuing to expand as we move closer to first production."

BC Iron is aiming to start its Nullagine iron ore joint venture, with Fortescue Metals Group, in the second half of this year.

Alkane said it will apply the funds from the share sale to its Tomingley gold deposit and Dubbo zirconia project, which are both expected to move into development over the next year.