Beadell sells $31m iron ore royalty

West Perth-based Beadell Resources has agreed to sell the iron ore royalty for it Amapa project in Brazil to Anglo Pacific for $31.25 million.

Managing director Peter Bowler said offloading the royalty would allow Beadell to focus on its core assets, namely construction of the CIL gold plant at its Tucano project in Brazil.

"Our extensive earthmoving fleet of over 35 items of equipment is also being considered for divestment on a cash sale basis to an experienced mining services group who will subsequently be awarded a long-term contract for the mining of our open pits," he said.