UPDATE 2.35pm: Venturex Resources has settled the sale of the historic Whim Creek pub in the Pilbara to two indigenous organisations for $1.7 million.
The new owners, Whim Creek Operations, plan to restore and reopen the hotel to provide industry and training opportunities for local indigenous people.
Whim Creek Operations represents a consortium of the Ngarluma Aboriginal Corporation and the Ngarluma Yindjibamdi Foundation in the Pilbara region of WA.
The sale includes the Whim Creek Hotel, which was built in the late 1800s, and an adjacent accommodation village and associated plant and equipment.
Venturex managing director Michael Mulroney said the deal presented an opportunity for the hotel to be preserved and would ensure the historic icon remained in the hands of the local community.
"The hotel village will continue to provide accommodation to support the local mining and exploration sector as well as provide jobs and training opportunities for the local community," Mr Mulroney said.
Venturex Resources closed the pub two years ago after it acquired the old Whim Creek copper project.
The company said it would continue to explore the Sulphur Springs and Whim Creek project with $3.7 million cash on hand.
Shares in Venturex closed up 0.1 cent, or 16.67 per cent, at 0.7 cents.