All of the conditions precedent have been fulfilled or waived for the Flinders Mines (ASX:FMS) farm-in incorporated joint venture with BBI Group Pty Ltd.
The formation of the joint venture will allow BBI Group to continue advancing the feasibility studies for the flagship Pilbara Iron Ore Project. BBI Group recently received FIRB approval.
The joint venture will have a board consisting of 3 Flinders' representatives and one BBI Group representative and it will oversee the project development as laid out in the agreements approved by Flinders' shareholders on 3 March 2020.
Shares in Flinders Mines (ASX:FMS) are trading 1.52 per cent lower at $0.07.