BCI Minerals announced the sale of its Iron Valley iron ore assets to Polaris Metals, a subsidiary of Mineral Resources (ASX:MIN), for up to $72.6 million.

The deal will provide BCI with substantial cash flow for non-Mardie project expenses.

Under the agreement, BCI’s subsidiary, Iron Valley, will receive $26 million initially upon completion in July, a contingent $12.5 million when mining begins at Iron Valley North Pit, and a deferred $34.1 million in July 2025.

The existing iron ore sale and purchase agreement with Mineral Resources will be terminated.