JOHANNESBURG (miningweekly.com) – ASX-listed Ivanhoe Australia has received notice from the Australian Foreign Investment Review Board that there were no objections to the possible earn in of a 51% interest in gold and copper explorer Emmerson Resources’ Tennant Creek project, in the Northern Territory.

Ivanhoe Australia said that the fulfilment of this condition precedent was an important step towards the formal finalisation of the $28-million farm-in and joint-venture (JV) agreement, entered into in April.

Under the terms of the deal, Ivanhoe Australia would spend $18-million on exploration, over a three year farm-in period. In return, it would earn a 51% interest in Emmerson’s Tennant Creek project.

After completing the farm-in, Ivanhoe Australia also had to sole fund an additional $10-million on exploration within a five-year period, to maintain its 51% interest.

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