MinRes buys Auvex for Pilbara projects' control

Nearly a year after Mineral Resources took control of Mesa Minerals, the company has struck a friendly $stone crusher machine assembling flow chart51 million takeover deal with the junior's estranged joint venture partner, Auvex Resources, in a move intended to hand it control of a stalled Pilbara manganese project.

Work on the Ant Hill and Sunday Hill deposits - a joint venture between the unlisted Auvex and Mesa - has been on hold since last year because of a falling out between the two parties. Announcing the move, MinRes, which owns 64 per cent of Mesa, said that both it and Auvex had agreed to end the existing dispute. All non-joint venture assets will be spun out into a new company, which will be excluded from acquiring manganese or iron ore interests within 200km of the Ant Hill and Sunday Hill deposits...