PERTH (miningweekly.com) – The Tanzanian Ministry for Energy and Minerals has granted ASX-listed IMX Resources a five-year retention licence over the Ntaka Hill tenement area, allowing for the completion of a joint venture (JV) agreement.
In December last year, IMX agreed to a $6-million deal with Mauritius-based Fig Tree Resources Fund II, to divest of more than 70% of its Ntaka Hill nickel project.
Under the project acquisition agreement, Fig Tree would acquire a 70.65% stake in the Ntaka Hill project for $6-million in cash, which included a $2-million up-front payment. The investment firm could maintain this shareholding by sole funding the project through to the completion of a feasibility study within five years.
With the retention lease now secured, the approval by the Tanzanian Fair Competition Commission (FCC) was the only remaining impediment to the completion of the transaction.
IMX CEO Phil Hoskins said on Tuesday that the FCC approval was expected shortly, and would allow for the completion of the transaction, and for the up-front consideration to be paid.
“Together with the proceeds from the recently completed capital raising, we look forward to rapidly progressing the development of our Chilalo graphite project and testing the Kishugu gold target,” Hoskins said.
The Ntaka Hill project is estimated to host a measured and indicated resource of 20.3-million tonnes, at 0.58% nickel and 0.13% copper, for 117 880 t of contained nickel.