In a significant development, Ragnar Metals confirmed that it has successfully concluded the sale of Ragnar Metals Sweden, its full subsidiary, to BHP Metals Exploration, part of BHP Group. The transaction, initially revealed on June 26, 2023, includes the Tullsta nickel project, the Gaddebo project in Sweden, and additional cash assets.
Deal Specifics and Future Ventures
The assets transferred as part of the sale featured exploration licenses for key projects and approximately $189,000 (converted from A$300,000) in cash. BHP Metals Exploration compensated Ragnar Metals with $6.17 million (converted from A$9.8 million). Additionally, an agreement was reached on a 1% net smelter return royalty that kicks in with the onset of commercial production. There is an option for the royalty to be bought out for an extra $6.3 million (converted from A$10 million).
Post-sale, Ragnar Metals intends to maintain its strategic direction, emphasizing its exploration assets within Sweden. This includes lithium prospects at Hälleberget and Bergom and rare earth element exploratory pursuits at Gruvhagen and Olserum North. Adding to its portfolio, the company has also undertaken to procure the Orrvik lithium project, spanning 3,600 hectares in Örnsköldsvik Municipality, a detail publicized on October 12, 2023.
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