BC Iron completes Nullagine buy

BC Iron has completed the purchase of a 25% stake in the Nullagine iron ore project from its joint venture partner Fortescue Metals Group (FMG).

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The Australian iron ore junior has remitted A$190 million ($200 million) in cash consideration to FMG, it said on Tuesday December 18.

BC Iron will own 75% of Nullagine from January 1, 2013.

“We will now focus on hitting our new target at the Nullagine operations and working with all our stakeholders towards the goal of achieving a production run-rate of 6 million tpy during the June quarter of 2013,” md Mike Young said in a statement.

Nullagine is currently producing 5 million tpy of iron ore.

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