Macro Metals sells Nigeria iron ore project for US$5.6 million

A community development agreement between KCM and the Agbaja community will be extended through December 2031. It covers local employment, training, and capacity building. The extension provides continuity for local stakeholders as the project moves to a new owner.

The Agbaja deposit sits on the Agbaja Plateau, which hosts an extensive, shallow, flat-lying channel iron deposit. The probable ore reserve stands at 205 million tonnes grading 45.7% iron. Total mineral resources on the plateau are estimated at 586 million tonnes at 41.3% iron, split between an indicated 466 million tonnes at 41.4% and an inferred 120 million tonnes at 41.1%.

Macro spent more than a decade advancing the project. That work included exploration and resource definition drilling, pre-feasibility studies, environmental and social impact assessments, and trial mining. The company also ran a long-term metallurgical research program that developed oxygen-injection technology to reduce phosphorus in the ore to levels suitable for steel production.

"The value created over this period is thought to extend well beyond the project's financial metrics," the company said.

Shareholder approval and other standard closing conditions are still outstanding. The stock last traded at A$0.003.