Australian-listed Macro Metals has signed a binding agreement to sell all shares in KCM Mining, which owns the Agbaja iron ore project in Nigeria’s Kogi State, to RSIN.SG. The agreed consideration is US$5.67 million, the company said in an announcement dated Monday, 2 November 2026.
The buyer belongs to a group that has operated in Nigeria’s mining, mineral processing and steel industries for nearly two decades. The binding agreement follows a non-binding term sheet disclosed in August and sets out the steps required to transfer ownership of the project.
Completion targeted for 7 December
RSIN.SG must place US$700,000 in escrow by 7 November. At completion, scheduled for 7 December, Macro expects to receive US$5.32 million, with a further US$350,000 held in escrow for twelve months as security for possible warranty claims.
The remaining conditions include regulatory permissions for confirmatory drilling, a five-year extension of the community development agreement and clearance or an appropriate determination under Nigerian competition rules. Certain regulatory requirements may allow the buyer to extend the completion timetable by up to forty days.
The disposal forms part of Macro Metals’ plan to concentrate on mining services and resource development in Western Australia. It expects net proceeds of about A$5.25 million after transaction costs and estimates its cash balance could reach A$7.7 million after completion. The company intends to use some of those resources to advance work at its Yandi South iron ore project.