United Kimberley Diamonds moves into iron ore

Perth-based diamond and nickel explorer United Kimberley Diamonds NL will acquire the rights to three Pilbara iron ore tenements from Kewdale-based DFD Rhodes Pty Ltd for $1 million.

United will acquire the three tenements for $200,000 cash and a placement of 5 million ordinary shares at 16c each to DFD, with a 1.5 per cent gross royalty also payable.

The 263.8 sqkm tenements are a major acquisition for the company, which it says demonstrates its intention to place it in a new strategic position with respect to bulk commodities.