Mindax (ASX: MDX) has been advised by Perpetual Mining Holding Limited (PMHL) that its review of the Mt Forrest iron project in Western Australia will be completed by the end of June 2014 rather than April 2014.
It had earlier this month noted that discussions with PMHL would continue once the review was completed.
The sale of a 51% stake in its subsidiary Yilgiron Pty Ltd (YPL), which holds the project, will net Mindax $52.3 million and pave the way for the Mt Forrest Iron Project to be fast tracked towards production.
PMHL is an investment company with significant business connections within China, with its stakeholders having experience with iron ore production, and within the iron ore industry in general.
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