Macarthur Minerals (ASX:MIO) received the final and third payment of AU$250,000 from Gold Valley Yilgarn under a binding agreement granting Gold Valley the right to mine hematite ore from Macarthur's Lake Giles Ularring project in Western Australia, according to a Thursday filing with the Australian bourse.
The payment was due Dec. 31, 2024.
Macarthur will receive a royalty of AU$1 per tonne for all additional tonnes mined for the life of the mine after an initial 2 million dry metric tonnes.
Under the agreement, Macarthur will receive milestone payments of AU$5 million upon the extraction and sale of 1 million dry metric tonnes as well as another AU$5 million upon the extraction and sale of an additional 1 million dry metric tonnes of direct shipping ore by Gold Valley from the project.
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