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Trafford Resources Sells Stake in Robust Resources

By Joel ScanlonJan 23 2012

Trafford Resources has sold its 5.89% stake in Robust Resources. This has brought in nearly $7.4 million cash for the company from the sale of its 5.3 million shares at the rate of $1.40 per share.

Trafford Resources was the third biggest share holder of Robust Resources prior to this announcement.

The funds from the sale have left Trafford Resources flush in cash to increase the exploration activities at its Wilcherry Hill Iron Ore Project. The iron ore project in South Australia’s Gawler Craton is a joint venture between Trafford Resources and IronClad Mining.

The development of the Wilcherry Hill Iron Ore project is well on track and IronClad Mining hopes to begin production of iron ore from the mine in the March 2012 quarter. Wilcherry Hill will be the newest iron ore mine in Australia once it begins production later this year. The key infrastructure and mining contracts for the mine have already been finalized.

Trafford Resources said in a statement that besides the Wilcherry Hill iron ore project they were looking at other joint venture opportunities that they could invest in. The Australian listed company indicated that it was open to both domestic and international ventures. The company also owns the Lynas Find Gold Project in the Pilbara region of Western Australia.

Written by

Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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Scanlon, Joel. (2019, March 19). Trafford Resources Sells Stake in Robust Resources. AZoMining. Retrieved on November 24, 2024 from https://www.azomining.com/News.aspx?newsID=5814.
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Scanlon, Joel. "Trafford Resources Sells Stake in Robust Resources". AZoMining. 24 November 2024. <https://www.azomining.com/News.aspx?newsID=5814>.
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Scanlon, Joel. "Trafford Resources Sells Stake in Robust Resources". AZoMining. https://www.azomining.com/News.aspx?newsID=5814. (accessed November 24, 2024).
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Scanlon, Joel. 2019. Trafford Resources Sells Stake in Robust Resources. AZoMining, viewed 24 November 2024, https://www.azomining.com/News.aspx?newsID=5814.