Ntaka Hill divestment gets Tanzania FCC nod
PERTH (miningweekly.com) – The Tanzania Fair Competition Commission (FCC) has approved a proposed joint venture (JV) between ASX-listed IMX Resources and Mauritius-based Fig Tree Resources Fund II over the Ntaka Hill nickel project.
In December last year, IMX agreed to a $6-million deal with Fig Tree to divest of more than 70% of its Ntaka Hill nickel project.
“The FCC approval allows the JV to move ahead, with Fig Tree taking control of activities at Ntaka Hill and commencing its geotechnical studies programme. Successful completion of the $1-million programme will see Fig Tree Pay IMX a further $4-million,” said IMX CEO Phil Hoskins.
The FCC approval followed the receipt of a retention licence for the Ntaka Hill project in April, and meant that all conditions precedent to the transaction had been satisfied.
As a result, IMX would receive $1.7-million as the balance of the up-front consideration, after receiving a $300 000 payment earlier this month.
“The receipt of the $1.7-million, together with the recently completed share placement, ensures the company is fully funded to progress project development work at the Chilalo graphite project,” Hoskins said on Thursday.
He noted that over the coming months, IMX would work to rapidly advance the Chilalo project.
The Chilalo project is estimated to host an inferred mineral resource of some 7.4-million tonnes, grading 10.7% graphitic carbon, for 792 000 t of contained graphite, and could deliver between 25 000 t/y and 50 000 t/y of graphite concentrate.
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