https://www.miningweekly.com
Aggregate|Exploration|Mining|Resources
Aggregate|Exploration|Mining|Resources
aggregate|exploration|mining|resources

BHP and Luminex make Ecuador earn-in binding

15th July 2019

By: Creamer Media Reporter

     

Font size: - +

Canadian junior Luminex Resources on Monday announced the signing of a formal earn-in and joint venture (JV) agreement with a wholly-owned subsidiary of BHP, which would earn into two mining concessions in Ecuador.

Ultimately, the major will have the right to earn a 70% interest in a JV company holding Luminex’s Tarqui and Tarqui 2 mining concessions. BHP will act as manager and operator of the JV.

BHP has the right to earn a 51% ownership interest in a JV company, which will hold the mining concessions by spending $25-million in exploration expenditures and making a cash payment of $2.4-million over four years.

The major will then have the right to earn an additional 9% ownership interest in the JV company by sole funding an additional $10-million of expenditures at the property and making a further $4.6-million of cash payments over another two-year period, increasing its aggregate ownership to 60%.

BHP will have the right to earn a further 10% ownership interest in the JV company by sole funding an additional $40-million of expenditures at the property, taking BHP’s aggregate ownership to 70%.

The companies announced a non-binding letter of intent in March this year.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

Comments

Showroom

SABAT
SABAT

From batteries for boats and jet skis, to batteries for cars and quad bikes, SABAT Batteries has positioned itself as the lifestyle battery of...

VISIT SHOWROOM 
Multotec
Multotec

Multotec, recognised industry leaders in metallurgy and process engineering help mining houses across the world process minerals more efficiently,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
19th April 2024
Resources Watch
Resources Watch
17th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.969 1.006s - 89pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: