Asia
LB Group to Acquire Image Resources' Western Australia Mineral Sands Projects for AU$160 Million
LB Group (SHE:002601) agreed to acquire Image Resources' (ASX:IMA) Durack and Yandanooka mineral sands projects for a consideration of AU$160 million, according to a Shenzhen bourse filing on Thursday.Both sides signed an intent agreement for the acquisition of the projects located in Perth, Western Australia.The consideration consists of a cash payment worth AU$20 million and AU$140 million worth of equipment and other assets.The Chinese titanium dioxide pigments manufacturer's shares slipped 1% during the afternoon trade.LB's shares slipped 1%, while Image Resources' shares dropped 4% during the afternoon trade.
ASX:IMASHE:002601
