Richfield signs deal to acquire C. Sulawesi molybdenum project

Australian junior mineral explorer Richfield Group Limited announced on Thursday it had entered into a Share Acquisition Agreement with the shareholders of Victory West Pty Ltd to formalize its agreement to acquire 75% of their shares in Victory West.

The transaction is subject to a range of conditions including due diligence and shareholders and regulatory approvals, the company said.

Victory West through its Indonesian subsidiaries had acquired five molybdenum exploration-mining leases in Toli-toli, Central Sulawesi, where previous exploration works had been carried out by Rio Tinto with expenditure of US$20.5 million.(denny)