LB Group to Acquire Image Resources' Western Australia Mineral Sands Projects for AU$160 Million
MT Newswires Live
Sep 24
LB Group (SHE:002601) agreed to acquire Image Resources' (ASX:IMA) Durack and Yandanooka mineral sands projects for a consideration of AU$160 million, according to a Shenzhen bourse filing on Thursday.
Both sides signed an intent agreement for the acquisition of the projects located in Perth, Western Australia.
The consideration consists of a cash payment worth AU$20 million and AU$140 million worth of equipment and other assets.
The Chinese titanium dioxide pigments manufacturer's shares slipped 1% during the afternoon trade.
LB's shares slipped 1%, while Image Resources' shares dropped 4% during the afternoon trade.
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