Business
CZR Resources Ltd - Further Chinese Government approval and update on sale of Robe Mesa Iron Ore Project
CZR Resources Ltd - Further Chinese Government approval and update on sale of Robe Mesa Iron Ore
About this update from Czr Resources Ltd
CZR Resources Ltd (ASX:CZR) refers to its proposed sale of the Robe Mesa Iron Ore Project to Miracle Iron Resources Pty Ltd (Miracle Iron). CZR has been informed by Miracle Iron that in addition to the key approval received from the Chinese National Development and Reform Commission (NDRC), the Ministry of Commerce , Peoples Republic of China (MOFCOM) has also approved the Robe Mesa transaction, achieving another important milestone and condition precedent to the Share Sale Agreement for Robe Mesa. Foreign Investment Review Board (FIRB) approval remains an outstanding condition precedent to the transaction. Miracle Iron received a request for extension of the statutory deadline to 31 July, 2024 , which was granted and announced to the market on 1 July, 2024 FIRB has advised Miracle Iron that it is unable to complete its assessment of the application concerning the proposed sale by the current statutory deadline of 31 July, 2024 and has requested a further extension to the statutory deadline to 31 August, 2024 . Miracle Iron has advised CZR that it has agreed to the extension. Miracle Iron has advised CZR that as at the date of this announcement there are no outstanding requests for further information from FIRB on its application. As a consequence of the delay with FIRB approval, the parties have agreed to extend the sunset date to 31 August, 2024 for the satisfaction of the outstanding conditions precedent to the transaction. Post completion of the proposed sale of the Robe Mesa Iron Ore Project to Miracle Iron, CZR will be well funded and retain its high-quality Croydon and Buddadoo exploration assets in WA. This announcement is authorised for release to the market by the Board of Directors of CZR Resources Ltd. Contact: Paul Armstrong Tel: +61 8 9388 1474 (C) 2024 Electronic News Publishing, source ENP Newswire