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Article: AUSTRALIA'S MOUNT GIBSON IRON TO ACQUIRE KINGSTREAM ASSETS.
- Article from:
- AsiaPulse News
- Article date:
- April 11, 2002
CopyrightCOPYRIGHT 2002 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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PERTH, April 11 Asia Pulse - Mount Gibson Iron Ltd (ASX:MGX)has announced plans to acquire some of the assets from failed competitor Kingstream Steel Ltd, which was forced into voluntary administration in November.
Mount Gibson subsidiary Tallering Peak Pty Ltd has entered into a agreement with Kingstream's deed administrators to buy mining leases, an exploration lease, general purpose leases and miscellaneous licenses covering the Tallering Peak iron deposit for $4.6 million.
The deposit lies 120 kilometres east of the Port of Geraldton in Western Australia.
Of the $4.6 million, $1 million will be satisfied by the issue to the deed ...