GlencoreXstrata inks cooperation accord with Solid Resources
TORONTO (miningweekly.com) – Spain-focused exploration junior Solid Resources on Monday announced it had inked a deal with commodities major GlencoreXstrata for joint due diligence on Solid’s Cehegin iron-ore project, located in the province of Murcia, in south-eastern Spain.
Under terms of the agreement, the potential joint venture (JV) would give Glencore a 20% interest in the Cehegin project, with Solid retaining an 80% interest.
Glencore had also agreed to buy the mine’s entire future production.
The JV would progress exploration and phased development studies with the objective of identifying and constructing a new iron-ore mine.
"A strategic partnership with Glencore is a major step towards putting the Cehegin project into production. Glencore gives Solid access to world-renowned expertise in mining development, worldwide marketing and logistics.
“The strength of Glencore, combined with the historical drilling and production data available on the Cehegin iron-ore mine, will greatly facilitate the advancement of this project,” Solid Resources CEO Greg Pendura said.
Upon execution of the agreement, Solid also issued to Glencore 12-million purchase warrants to buy an equivalent number of common shares. Until October 18, 2014, Glencore could buy these shares at $0.19 apiece, and from October 19, 2014, to the expiry date of October 18, 2015, it would have to pay $0.26 a share.
Half of the warrants would vest and be exercisable upon signing the agreement and the other half would be vested and exercisable when Glencore had contributed its share of costs for the initial exploration and study phase of the development programme.
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