Australian (ASX) Stock Market Forum

OGH - Ochre Group Holdings

27 June 2010
Rico Resources Limited (RRI) was formerly known as E-Com Multi Limited (ECE).

Talisman sells two iron-ore projects to Rico

By: Esmarie Swanepoel
14th February 2011

PERTH ( − Perth-based explorer Talisman Mining will sell its Wonmunna and Uaroo iron-ore projects to Rico Resources, formerly known as E-Com Multi, for A$41,35-million.

Rico, which signed an option over the projects in November, would pay A$34,25-million in cash, of which A$2-million has already been received, as well as 35,5-million shares, postreconstruction, valued at A$7,1-million. Talisman would also receive a 1% royalty.


Previous discussion of this company can be found in the ECE thread:


Make the drill work for YOU
20 June 2007
Re: RRI - Rico Resources

MC- $46m
SP- 11c
Shares- 420m
Options- 7.5m
Cash- $49k

Update on the Evercore Strategic Review Process
Through the strategic review process being conducted by Evercore, Rico has received multiple expressions of interest to acquire the Wonmunna project. We remain in discussions with these parties and while no specific timeline has been set for the completion of the strategic review, we are committed to continue in the assessment of value enhancing opportunities for the project.
As part of the review, we have also analysed certain merger and acquisition opportunities for Rico. We expect to progress on one of these opportunities in the coming months in order to further increase the scale of Rico’s natural resource asset holdings.

The Wonmunna Project is in close proximity to four major mining operations: West Angelas (Rio Tinto), Mining Area C (BHPB), Hope Downs (Rio/Hancock JV) and Mount Whaleback (BHPB). More milestones met in the objective to bring this project into production:
Native Title Mining Agreement signed
Rico Resources Limited (“Rico”) successfully concluded a Native Title Mining Agreement for its Wonmunna Project with the Ngarlawangga Native Title claimant group.
The Native Title Mining Agreement provides Rico with all Native Title consents necessary for the grant of the mining lease applications over its North Marra Mamba (NMM), Central Marra Mamba (CMM) and South Marra Mamba (SMM) deposits. Following the grant of these applications, Rico will be able to lodge its Mining Proposal and associated documentation with the Western Australian Department of Mines and Petroleum and obtain regulatory approval for commencement of mining operations.

Mining Leases Granted
Three Mining Lease Applications ML 47/1423, 1424 and 1425 have been granted to Rico. The WA Department of Mines and Petroleum (“DMP”) granted the Mining Leases after Rico signed the recently announced Native Title Mining Agreement and lodged the executed State Deed with DMP.
These mining lease grants further enhance the development of Rico’s 83.4Mt iron ore project at Wonmunna in the Southeast Pilbara.
Rico continues to methodically execute its Wonmunna development timetable.

Exploration on other tenements
A detailed airborne magnetic and radiometric survey was flown over a large part of the Uaroo tenement prospective for iron ore. The line spacing was 50m and 4950km were flown. The data is being processed and the report on the survey is expected in the July 2012. Further exploration work is planned at Uaroo in the next Quarter, including interpretation and targeting from remote sensing imagery and field reconnaissance of geophysical and remote sensing targets.


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27 June 2010
On December 14, 2012, Rico Resources Limited (RRI) changed its name to Ochre Group Holdings Limited (OGH).