- Write by:
-
Friday, October 30, 2020 - 12:27:46 PM
-
519 Visit
-
Print
Mining News Pro - Copper miner Sandfire Resources has entered into agreements to acquire an 85% interest in the Red Bore copper project, adjacent to its own DeGrusssa mine, in Western Australia.
The Red Bore comprises a 2 km2 granted mining lease and was previously subject to a joint venture agreement between ASX-listed Ora Gold and William Richmond.
Under the terms of the agreement, Sandfire will now make a cash payment of A$1.25-million to Richmond, and would grant him a 1.25% net smelter royalty over the minerals produced at the Red Bore project.
Upon a decision to mine, Ora Gold will have a put option to sell its remaining 15% interest in the project, and if the company elects not to exercise this option, Sandfire will continue to cover Ora Gold’s share of any cash call by way of an interest-free loan repayable from 75% of Ora Gold’s free cash flow from its share of minerals produced at Red Bore.
Sandfire MD Karl Simich told shareholders on Friday that the agreement with Ora Gold and Richmond consolidated ownership of the strategically located tenement.
“The Red Bore project will be incorporated within our near-mine exploration programmes at DeGrussa and explored using our leading geochemical and geophysical exploration methodologies.”
Short Link:
https://www.miningnews.ir/En/News/606780
A Native American group has asked all members of a US appeals court on Monday to overturn an earlier ruling that granted ...
Codelco is exploring more partnerships with the private sector as Chile’s state copper behemoth looks to recover from a ...
The London Metal Exchange (LME) on Saturday banned from its system Russian metal produced on or after April 13 to comply ...
Peru’s Las Bambas copper mine, owned by China’s MMG, is facing renewed blockades of a key transport route after failed ...
Vitol Group confirmed that it’s starting to rebuild a trading book for metals after a long stint out of the market, with ...
Chinese investors are snapping up stocks tied to high-flying metals from copper to gold, aiding an onshore market facing ...
Copper traded near a 15-month high as supply concerns and brighter demand prospects triggered a slew of bullish calls on ...
Copper jumped to its highest intraday price since January 2023 as the bellwether industrial metal faces rising tighter ...
Mining News Pro - Amir Khormishad, the CEO of the National Copper Industries Company of Iran, announced the 49% growth ...
No comments have been posted yet ...