Super, Phil's Creek was a full actual sale of land/tenement to...

Super,

Phil's Creek was a full actual sale of land/tenement to MIN for $$$ and did not (from memory) have a royalty attached. It was the cash from this transaction (and other smaller ones) which gave us the +$100mil at one stage. The plan was always to use the cash from Phil's Creek (& others) to develop Iron Valley and Buckland's which are seen as the cash cows (Buckland's in particular).

The Iron Valley transaction with MIN was completely different as IOH still own the mine, with MIN as the mining contractor and IOH receiving proceeds via the mine gates sales agreement. So we are more interested in the MIN getting Iron Valley up and running than concern with Phil's Creek. I suppose the good news we can take from MIN's purchase of Phil's Creek is the speed with which they have got Phil's Creek up and running.....

Cheers,
Mac


Please dyor.