Australian mining company Tulla Resources Plc and Koch Metals Limited have signed a purchase agreement for the Norseman Iron Ore Project, owned by Tulla Resources.
Junior Tulla Resources has announced that it has entered into a contract with Koch Metals of Australia on a potential iron ore purchase agreement at the Norseman project in Western Australia.
Tulla Resources' subsidiary Central Norseman, Gold Corporation, and Pangolin Resources own all iron ore rights in the Norseman project.
Under the terms of the purchase agreement, Koch will purchase up to 400 million tons of iron ore with an initial commitment to purchase 200 million tons and then an additional 50 million tons.
Koch will initially provide A$42 million to finance the exploration, development and mining of iron ore at Norseman during the first three-year period and will subsequently finance 65% of all iron ore project costs.
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