Under the terms of the sale, YII has acquired all tenements and other land interests across the Yilgarn Hub, associated approvals and licences, entitlements and fixed assets including Koolyanobbing, Windarling, Carina and Parker Range.
YII has also assumed all current environmental, closure and rehabilitation liabilities across the Yilgarn Hub.
MinRes Managing Director Chris Ellison expressed pride in MinRes' operations in the region.
"As we transfer our Yilgarn operations to a new owner, we take great pride in everything the MinRes team has achieved in the region over the past 14 years, and that we were able to save hundreds of jobs at Koolyanobbing that would have otherwise been lost with the departure of Cleveland Cliffs," he said.
He said throughout the sale process, MinRes' priority was to select the party most likely to sustain these nearly 80-year-old operations for the benefit of the region and community.
"This transaction ensures these mines will continue to support jobs and the economy for years to come and deliver ongoing benefits to the region and Western Australia."
In June 2024, following a feasibility study on the region's future, MinRes announced exports would cease from the end of 2024. Operations were ramped-down and more than 780 employees were redeployed to other MinRes projects.
MinRes' Yilgarn journey began at Carina in 2011 and expanded to Jackson Ranges in 2015, followed by the acquisition of Koolyanobbing in 2018 and Parker Range a year later.
As part of the company's agreement with the State Government when taking over at Koolyanobbing, MinRes aimed to operate for up to five years or ship 30 million tonnes.
MinRes ultimately operated Koolyanobbing for 6.5 years and exported around 45 million tonnes of iron ore from the Port of Esperance, investing $850 million in assets and spend $4.2 billion on the operations since 2018.
Lean more about MinRes' Iron Ore business.
