Rox mulls sale of stake Reward zinc JV
JOHANNESBURG (miningweekly.com) – ASX-listed Rox Resources has agreed to an exclusivity agreement with listed, but suspended, shell IM Medical, which is interested in buying its 49% interest in the Reward zinc/lead joint venture (JV) project, in the Northern Territory.
Rox owns 49% of the JV with Teck Resources holding the balance. The Canada-based diversified major has an option to increase its interest to 70% by spending A$15-million by August 31, 2018. Teck has already spent about $13.85-million.
The Reward project includes the Teena zinc/lead deposit, which is considered the largest high-grade zinc/lead mineral resource discovered in Australia in the last 20 years.
IM Medical reported on Tuesday that it would offer Rox $2-million in cash and $12.8-million shares for the interest in the JV. Rox would become the major shareholder of IM Medical, owning between 50% and 60% of the issued share capital.
The acquisition of Rox’s interest in the JV will mark IM Medical’s entry into the resources sector, with the company announcing that it intends to build a portfolio of zinc and related projects over time.
The company also confirmed it was in discussions to buy a separate deposit from another party.
IM Medical stated that the zinc market was forecast to show a marked improvement over the next few years, owing to falling supply from mine closures and steadily growing demand.
On completion of the Reward acquisition, IM Medical will seek reinstatement on the ASX.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
From batteries for boats and jet skis, to batteries for cars and quad bikes, SABAT Batteries has positioned itself as the lifestyle battery of...
VISIT SHOWROOM
Supplier & Distributor of the Widest Range of Accurate & Easy-to-Use Alcohol Breathalysers
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
