Falcon sells project stake to Iluka

Falcon Minerals has settled a sale with Iluka Resources subsidiary Basin Minerals Holdings for its 10 per cent equity in the Echo Minerals Sands Project, located in the Murray Basin in Victoria.

Basin Minerals will buy the share for $750,000 in two increments.

It will pay $350,000 on the date of execution of the agreement, followed by the remaining $400,000, subject to the consumer price index, when excavation of ore from the project area begins.

Falcon will use the proceeds to further fund its exploration objectives.