PERTH (miningweekly.com) – ASX-listed Minotaur Exploration on Monday announced the sale of Lake Purdilla gypsum deposit, in South Australia, for A$4.8-million.
The explorer told shareholders that the conditional sale and purchase deed for the project, which consists of two exploration licences, was an important step towards the commercialisation and divestment of the company’s industrial mineral assets, which included kaolin, halloysite and silica sand, in addition to the gypsum deposits.
Under the terms of the transaction, the buyer would pay 50% of the asking price on the completion of the tenement transfer, with the balance to be paid on the grant of a mining lease to at least one of the tenements.
If a mining lease was not obtained within 12 months of the transaction, and for each of the subsequent 12-month periods that pass, the buyer must pay Minotaur an amount equal to one-tenth of the mining payment.
Furthermore, Minotaur would also be provided with port study details once the buyer proceeded with the development of a port or transshipment facility for shipping materials from the Lake Purdilla project, and the buyer was required to offer Minotaur access to the facility upon commercial terms.
The sale of the Lake Purdilla asset was conditional upon the buyer completing the port or transshipment study by May next year and Ministerial consent.