Cazaly Resources Says Anglo American Agrees Iron Ore Earn-In

Global diversified miner Anglo American PLC (AAL.LN) will spend up to A$51 million on development to earn a stake of up to 75% in the Earaheedy iron ore project being developed by Cazaly Resources Ltd. (CAZ.AU) and Vector Resources Ltd. (VEC.AU) in Western Australia, Cazaly said Monday.

Anglo would agree to drill at least 7,500 metres in the next 18 months on the 890 square kilometer site near Wiluna in the state's midwest region, giving itself a 51% stake in the project if it chooses to go ahead and pays A$21 million more to the Cazaly-Vector joint venture over four years.

Anglo would raise its stake to 75% by paying A$5 million to the joint venture and completing a bankable feasibility study, Cazaly said.

"Earaheedy is a potentially major iron ore province and it needs the resources and expertise of a major player to develop it," Cazaly Managing Director Clive Jones said in a statement.

-By David Fickling, Dow Jones Newswires; +61 2 8272 4689; david.fickling@dowjones.com

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