Itafos Inc. Agrees to Sell Araxá Project

Itafos (TSE:IFOS) has released an update.

Itafos Inc. has agreed to sell its Araxá project to St George Mining Limited’s subsidiary in a cash and equity deal worth $21 million plus additional securities. The transaction allows Itafos to maintain an interest in the project’s future success and is in line with the company’s strategy to enhance shareholder value by concentrating on its core business. The Araxá project, located in Brazil, is a significant rare earth elements and niobium project, and the deal is set to conclude by late 2024.

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