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Mount Gibson sale complete

MOUNT Gibson Iron Ltd and its subsidiary, Mount Gibson Mining Ltd, have completed the sale of their combined 73 per cent interest in Asia Iron Holdings Ltd to minority shareholder Sinom Investments Ltd for $52.5 million. Asia Iron Holdings holds the Extension Hill Magnetite project in the Mid-West of Western Australia. The proceeds of sale will be held in escrow until the state government grants environmental approval for the project, with a decision expected by the end of 2006. If environmental approval is not obtained by November 30 2007, Sinom may terminate the agreement and the sale shares will be returned. Mt Gibson also announced its intention to oppose an application by takeover target Aztec Resources Ltd to the Takeovers Panel seeking an interim order that would restrain MGI from dispatching its bidder’s statement to Aztec shareholders pending resolution of Aztec’s application.

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