PERTH (miningweekly.com) – ASX-listed Atrum Coal is hoping to amend its joint exploration agreement with Japan Oil, Gas and Metals National Corporation (Jogmec) at the Panorama North coal project, in Canada, to include the Panorama South project.
The two companies have agreed to convert the exclusivity Jogmec has had to the Panorama West project, under the Panorama North joint exploration agreement, to Panorama South.
Until the end of March 2021, the two companies had the opportunity to negotiate exclusivity for a possible joint venture agreement to explore Panorama South, with Jogmec to refund Atrum its tenement lease payments for Panorama South between April 1, 2018 and March 31, 2021.
“This agreement is the result of the company’s continued effort to seek credible joint venture partners for exploration and development of the Panorama and Groundhog projects,” said Atrum CEO Max Wang.
“It is also a testament of the strong relationship between the company and Jogmec, and we look forward to a mutually beneficial outcome from the exclusive negotiation.”
Under the Panorama North joint exploration agreement, Jogmec has earned a 21% interest by contributing A$3.1-million to exploration expenditure to date at Panorama North.
The two companies will this month start the 2018 third-year exploration programme for a total budget of C1.9-million, and at the conclusion of this investment, Jogmec will have earned a 35% equitable interest in Panorama North.