Cradle JV takes over Panda Hill licences
PERTH (miningweekly.com) – A joint venture (JV) between ASX-listed Cradle Resources and Tremont Investments has exercised its option to acquire the Panda Hill mining licences, in Tanzania.
The JV, known as Panda Hill Tanzania, has now entered into an amended purchase agreement with vendor RECB. Under the terms of the amended agreement, the JV would pay $1.5-million to RECB on the completion of the transaction, along with 6.2-million shares in Cradle.
Half of the shares would be tradeable while the remainder would remain in escrow until the start of commercial production at Panda Hill.
A further $3-million would be payable five days after project financing drawdown, or at the end of September 2016, whichever was earlier, while a further $5-million would be payable out of the production, as a capped 5% net smelter return, with a time limit of four years from the start of commercial production.
The amended agreement represented a saving of some $2.5-million from the previous option arrangement.
Cradle and Tremont each hold a 50% share in the JV, which is funded to the expected completion of project financing by mid-2016.
A definitive feasibility study on the Panda Hill project was due in the first quarter of 2016.
A previously completed prefeasibility study estimated the project would require a capital investment of $158-million to develop and could deliver two-million tonnes a year of feed, producing 4 600 t/y of ferroniobium over 30 years.
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