Metals X announced on 12 February that it has agreed to sell a subsidiary company, Bluestone Nominees, to Icon Resources. Bluestone controls the Collingwood tin mine in North Queensland which Metals X shut down in May last year due to a limited reserve life and operating problems. Icon plans to relocate the concentrator plant from Collingwood to its Mt Carbine tungsten project nearby. The deal involves a A$250,000 upfront cash payment, a loan from Metals X to Icon and the issue of a convertible note and shares by Icon to Metals X.
In a statement Managing Director Peter Cook said “Metals X believes the agreement provides them with exciting exposure to Icon’s Mt Carbide tungsten project and a sound outcome in the disposal of its Far North Queensland tin assets.”
