https://www.miningweekly.com

Teck raises concerns over Reward offer, JV following Rox–Marindi deal

23rd August 2016

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

  

Font size: - +

JOHANNESBURG (miningweekly.com) – Diversified mining company Teck Resources has raised concern over the offer that joint venture (JV) partner Rox Resources accepted for its 49% interest in the Reward zinc and lead project, in the Northern Territory.

Under a JV agreement, Rox was required to offer to sell its interest in the project to Teck on the same terms and conditions as any offer it intended to accept. However, Rox said on Tuesday that Teck had raised some concerns with respect to the offer and its compliance with the JV agreement. In doing so, Teck had reserved its rights under the JV agreement.

“At Teck’s invitation, Rox has entered into discussions with Teck to clarify these matters,” the company said in a statement.

Last week, Rox accepted a revised offer from fellow ASX-listed Marindi Metals for its interest in the Reward project, which is said to contain about 25% of the world’s zinc reserves.

Rox has received many competing offers for the project, one of which was from IM Medical (IMI), which last week also took issue with the offer that Rox had accepted from Marindi. IMI believed Rox was in breach of an exclusivity agreement.

“The directors of IMI are disappointed with the outcome of the offer process.”

Edited by Creamer Media Reporter

Comments

Showroom

SABAT
SABAT

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 
WearCheck
WearCheck

Leading condition monitoring specialists, WearCheck, help boost machinery lifespan and reduce catastrophic component failure through the scientific...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 03 May 2024
Magazine round up | 03 May 2024
3rd May 2024
Resources Watch
Resources Watch
2nd May 2024

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.113 0.154s - 106pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: