CZR Resources to sell Zanthus Resources subsidiary for A$102 million

January 16, 2024

Thomson Geer has advised exploration and development company CZR Resources Ltd (ASX:CZR) on the sale of its Zanthus Resources Pty Ltd subsidiary to Miracle Iron Resources Pty Ltd for A$102 million.

Zanthus Resources controls an 85 per cent interest in the Robe Mesa Iron Ore Project in Western Australia. Miracle Iron Resources is closely linked to Chinese parent company Shenzhen Naao Jiangna Investment Co. Ltd, which is a subsidiary of Xinjiang Jiangna Mining Corporation Ltd.

Thomson Geer advised CZR Resources on all aspects of the sale agreement including negotiation of the sale agreement, liaising with the ASX on regulatory requirements and advising the CZR Resources directors of the structure of assets sale and associated issues.

The Thomson Geer team was led by Partner Michael Ng, who said: "We are pleased to have assisted CZR Resources on this significant transaction for the company."

Michael was supported by Partners Sarah O'Brien-Smith and Nicholas Creed, Special Counsel Elize Conway, Senior Associate Liz Wreck, Associate Kajal Parmar and Law Graduate Mason Nicolaou.

The sale is subject to shareholder approval and has been recommended by the board of CZR Resources in the absence of a superior proposal being received. It is also subject to approvals from the Foreign Investment and Review Board and Chinese government.

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