JOHANNESBURG (miningweekly.com) – Diversified mining company Teck Resources has raised concern over the offer that joint venture (JV) partner Rox Resources accepted for its 49% interest in the Reward zinc and lead project, in the Northern Territory.
Under a JV agreement, Rox was required to offer to sell its interest in the project to Teck on the same terms and conditions as any offer it intended to accept. However, Rox said on Tuesday that Teck had raised some concerns with respect to the offer and its compliance with the JV agreement. In doing so, Teck had reserved its rights under the JV agreement.
“At Teck’s invitation, Rox has entered into discussions with Teck to clarify these matters,” the company said in a statement.
Last week, Rox accepted a revised offer from fellow ASX-listed Marindi Metals for its interest in the Reward project, which is said to contain about 25% of the world’s zinc reserves.
Rox has received many competing offers for the project, one of which was from IM Medical (IMI), which last week also took issue with the offer that Rox had accepted from Marindi. IMI believed Rox was in breach of an exclusivity agreement.
“The directors of IMI are disappointed with the outcome of the offer process.”