maybe some good news on the horizon, hopefully a major resource...

maybe some good news on the horizon, hopefully a major resource upgrade first

Winmar Resources, the Australian-listed miner, is likely to sell a majority stake to a Chinese buyer, the Australian Financial Review reported.

According to an unsourced report in the paper?s Street Talk column, Winmar is expected to sell a major stake to a Chinese group in order to raise around AUD 40m (USD 43m), rather than undertake a traditional equity raising.

The paper said Winmar requires the funds to buy out the remainder of the Hamersley Iron project from Cazaly Resources. Winmar has already secured 51% of Hamersley and has right to buy the remaining 49% at AUD 0.50 per tonne of resources during the first 18 months after the deal and AUD 1 per tonne after 18 months.

Winmar has a market capitalisation of AUD 16.3m (USD 17.9m)