Macro Metals has entered into a binding agreement to sell its subsidiary, KCM Mining, which owns the Agbaja iron ore project in Nigeria, to RSIN.SG.
The sale values the entire issued share capital of KCM Mining at $5.67m.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Completion of the transaction is targeted for December 2026, subject to limited conditions.
The agreement provides that RSIN.SG, part of the RSIN Group, which has longstanding mining and steel interests in Nigeria, will make an initial down payment of $700,000 into escrow by 7 November 2026.
This amount is non-refundable except under certain circumstances, including a failure to complete by Macro Metals or a material adverse change impacting the deal.
Upon completion, Macro Metals expects net proceeds of approximately A$5.25m ($3.69m) after transaction costs.
The company stated that the divestment would allow it to focus on its mining services and resource development operations in Western Australia.
The remaining purchase price, after deducting a $350,000 holdback for potential warranty claims, is to be paid on completion. The holdback will be held in escrow for 12 months.
If no claims arise during this period, the sum and any interest accrued will be released to Macro Metals.
Completion of the sale remains subject to several conditions.
These include obtaining regulatory approvals related to drilling and a five-year extension to the community development agreement, alongside confirmation of no outstanding litigation or material adverse changes.
Approval or non-objection from the Nigerian Federal Competition and Consumer Protection Commission (FCCPC) is also required.
The buyer may request consultancy services from Macro Metals for up to 60 man days within the first 12 months after completion, provided at no extra cost.
Macro Metals managing director Simon Rushton said: “I am delighted to have completed negotiations with the team from RSIN and executed the binding share sale agreement over the weekend.
“Our deal team of SW Accounts & Advisors, Hamilton Locke and KCM’s dedicated team in Nigeria, have worked tirelessly with the Buyer’s team over the past six (6) months to enable the Buyer to complete its considerable due diligence undertaking.”
The Agbaja project is situated on the Agbaja Plateau in Kogi State, roughly 200km from Abuja.
In April 2025, the company via its subsidiary, Macro Mining Services (MMS), was awarded a mining services contract by RE:GROUP for the Extension Iron Ore Project in Western Australia.
