Mineral Resources Limited (ASX:MIN) agreed to acquire 40% stake in Red Hill Iron Ore Joint Venture from Red Hill Iron Limited (ASX:RHI) for AUD 400 million on July 30, 2021. The consideration includes AUD 200 million which will be paid out of existing cash resources, on completion of the acquisition of the RHIOJV interest and a further AUD 200 million cash when the first commercial shipment of iron ore extracted from the RHIOJV tenements departs port and also a royalty of 0.75% of FOB revenue on all iron ore that is extracted and sold from the RHIOJV tenements. The transaction is conditional on obtaining shareholder approval of Red Hill Iron Limited. The transaction is expected to complete around early September 2021. Jay Leary of Herbert Smith Freehills acted as legal advisor to Red Hill Iron Limited.

Mineral Resources Limited (ASX:MIN) completed the acquisition of 40% stake in Red Hill Iron Ore Joint Venture from Red Hill Iron Limited (ASX:RHI) on September 3, 2021. MinRes has transferred $200 million to RHI being the first instalment of the sale price. As on September 2, 2021 Red Hill Iron Limited shareholders approved the deal.