Western Australia reported that Atlas Iron is selling one of its magnetite projects in Western Australia to Cliffs Natural Resources for AUD 18 million.

The Yerecoin project, 150 kilometers north east of Perth, will exchange hands before the end of next month.

Last week, Atlas sold its Balla Balla magnetite project in Western Australia for AUD 40 million, plus future royalties.

The iron company is still in discussions about the sale of its Ridley magnetite project, also in the Pilbara.

Managing director Mr David Flanagan said the sale realizes value for Atlas from an asset it inherited through the takeover of Giralia Resources.

(Sourced from Western Australia)