CZR Resources Ltd (ASX:CZR) announced that its shareholders have overwhelmingly approved the sale of its Robe Mesa Iron Ore Project for approximately A$75 million in cash. The project’s tenements will be acquired by North Mining Limited, Robe River Mining Co Pty Ltd, and Mitsui Iron Ore Development Pty Ltd (together, the RRJV), with the resolution passing with 99.98% of votes in favor. Zanthus Resources Pty Ltd, a wholly-owned subsidiary of CZR, will retain a beneficial interest in tenement E08/1686.
The shareholder approval marks a crucial milestone in satisfying the conditions precedent for the RRJV Transaction. However, the completion remains subject to several further conditions. These include securing Foreign Investment Review Board (FIRB) approval, obtaining ministerial consent for the transfer of Zanthus’ interests (if required under the Mining Act 1978 (WA)), securing third-party consents and approvals, and gaining approval from relevant foreign government agencies regarding restrictive trade practices and competition.
CZR Resources anticipates that the RRJV Transaction will be completed in the first quarter of the 2026 financial year, with the full cash consideration payable upon completion. The company has committed to keeping the market informed as these material conditions are met. The sale represents a strategic move for CZR Resources, allowing them to realize the value of the Robe Mesa Iron Ore Project. The funds from the sale will likely be reinvested into other projects or returned to shareholders, offering potential upside for the company. Investors are advised to monitor further announcements regarding the satisfaction of the remaining conditions precedent. The company remains focused on maximizing shareholder value through strategic asset management.
