JOHANNESBURG (miningweekly.com) – Base metals miner BMR Group has acquired an 80% interest in an exploration concession for tungsten, tin, and potentially other minerals including gold and silver, over the property known as Ester in northern Portugal.
The company announced on Monday that the option was granted by private Portuguese geological and engineering company Mineralia-Minas, Geotecnia E Construcoes (Mineralia), which holds a number of exploration concessions granted by Portugal’s government.
"We are delighted to have secured this option over the Ester property, which has the potential of enabling BMR to expand its interests in the natural resources sector as well as geographically, for value creation,” said chairperson Alex Borrelli.
The option, which has a term of 12 months, is exercisable upon BMR spending €140 000 on exploration at the property over the next 12 months.
Upon exercising the option, the Ester project will be transferred into a joint venture company to be owned 80% by BMR, which will appoint a majority of its board of directors.
Mineralia will act as project operator in cooperation with BMR.
BMR has agreed, subject to exercise of the option, to pay deferred consideration to Mineralia of €100 000 upon the grant of a preliminary exploitation licence and €1-million upon the grant of a definitive exploitation licence, in each case in respect of the Ester property.