https://www.miningweekly.com
PROJECT
PROJECT
project

Thackaringa ownership goes to Cobalt Blue

17th January 2020

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – ASX-listed Broken Hill Prospecting and fellow-listed Cobalt Blue Holdings have inked a binding heads of agreement that would allow Cobalt Blue to obtain full ownership of the Broken Hill, or Thackaringa, cobalt project, in South Australia.

In early December last year, the two companies agreed to terms that would allow for the dissolution of a joint venture, in which Broken Hill held a 30% share and Cobalt Blue a 70% interest.

Under the terms of the agreement, Broken Hill will receive A$500 000 in cash and nine-million fully paid shares in Cobalt Blue, valued at 15c each, as well as a A$1-million three-year convertible note with an interest rate of 6% a year, and a conversion price of 20c each.

Broken Hill will also receive a A$3-million five-year promissory note, interest free for the first three years, with a 6% interest over the remaining period.

Broken Hill on Friday told shareholders that the tenements have now been transferred to Cobalt Blue, allowing the company to progress and commercialise the Thackaringa project efficiently.

“We are delighted that we have been able to transfer our interest in the Thackaringa project to our partners, and yet retain an interest as a shareholder and royalty holder,” said Broken Hill chairperson Creagh O’Connor.

“We believe that unifying the project under Cobalt Blue management is the best step for both companies. This transaction also significantly underpins the value of Broken Hill shares and its current rights issue.”

 

Edited by Creamer Media Reporter

Comments

Showroom

Rittal
Rittal

Rittal is a world leading provider of top-quality integrated systems for enclosures, power distribution, climate control, IT infrastructure and...

VISIT SHOWROOM 
Universal Storage Systems (SA)
Universal Storage Systems (SA)

South African leader in Steel -Racking, -Shelving, and -Mezzanine flooring. Universal has innovated an approach which encompasses conceptualising,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Resources Watch
Resources Watch
27th March 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:0.115 0.147s - 89pq - 2rq
Subscribe Now