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Noble Group sells Territory Resources stake for A$1

Noble Group Ltd.'s Jonesville Ltd. unit completed the sale of its entire shareholding in Territory Resources Ltd. to private explorer Gold Valley Holdings Pty. Ltd. for A$1, it said March 1.

The book value and net tangible asset value of the company's stake in Australia-incorporated Territory Resources was about negative US$6.0 million as of Dec. 31, 2017.

The consideration is subject to adjustments upon final determination of the working capital of the mining, exploration, processing and logistics operations by Territory Resources.

As a result of the transaction, Territory Resources and its Territory Iron Pty. Ltd. and Frances Creek Pty. Ltd. units ceased to be Noble subsidiaries.