Metallica reaps first reward from Dingo Dam deal
PERTH (miningweekly.com) – ASX-listed Metallica Minerals has received the first A$250 000 royalty payment over its Dingo Dam mining lease, in Queensland.
The miner had entered into a royalty agreement with a privately owned company to allow for mining and nickel laterite extraction from the Dingo Dam area, which forms part of the greater noncore Lucky Break nickel project.
Metallica told shareholders that a second payment of A$200 000 was expected within six months of the signing date of the royalty agreement, or once some 30 000 t of nickel laterite ore had been removed from the royalty area.
A third payment of a further A$200 000 was due ten months from the start date, or when a cumulative total of 60 000 t of nickel laterite ore was extracted from the site.
Additional payments of A$4/t of any tonnage above 130 000 t of nickel ore would also be applicable.
Metallica noted that the private company would be responsible for conducting all mining and trucking operations at Dingo Dam, as well as the associated rehabilitation of the project area. The un-named miner would also be responsible for keeping the existing tenement valid.
The agreement would end if the unlisted miner did not extract 60 000 t of nickel from the mine site within a 12-month period, or within a two-year period from the signing date.
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