International mining company Cliffs Natural Resources bought Atlas Iron Limited's (ASX: AGO) magnetite project for $18 million.

The Yerecoin project, located 150 kilometres north east of Perth, was bought by Atlas Iron in March as part of its takeover of Giralia Resources. Cliffs will pay Atlas cash for the magnetite project and some royalties for any magnetite mined.

On Wednesday also, BHP Billiton (ASX: BHP) announced its purchase from Archer Exploration (ASX: AXE) several exploration tenements near the miner's Olympic Dam mine in South Australia.

With the buy-in, BHP will acquire an 80 per cent interest in five tenements of Archer at West Roxby. The tenements have several undrilled exploration projects which includes potential and skarn targets.

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