Queensland Mining Corp. Ltd. is selling its White Range copper project in Queensland, Australia, to Moly Mines Ltd. in a A$53 million binding deal.
The company said Oct. 13 that it will sell all five wholly-owned subsidiaries that hold the White Range project tenements.
Moly Mines will pay A$45 million in cash and issue A$8 million of convertible notes, which give Queensland Mining the right to take a 10% interest in White Range.
The transaction is expected to close in December.
Queensland had been planning to develop the project with a partner, but Moly Mine's offer to buy White Range is attractive and, in the current environment, is preferable to developing the project for production on its own, Queensland Mining said in a release.