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Shares in Gindalbie Metals Limited (ASX:GBG) closed higher yesterday after the company finalised its purchase of the Warriedar Iron Ore Joint Venture from Royal Resources Limited (ASX:ROY).
Gindalbie’s $7 million purchase of Royal’s 40 per cent interest enables the company to consolidate 100 per cent ownership of the project.
Warriedar includes tenements near Gindalbie’s $2.6 billion Karara Project in Western Australia’s mid-west.
Settlement of the purchase had been delayed by a legal claim, which Gindalbie and Royal say they have considered and believe to be without merit.
Shares in Gindalbie Metals closed 5.15 per cent higher yesterday at $0.51.
Gindalbie Metals posted a net profit of $13.946 million in fiscal 2011.
