Fox Resources, Pilbara Minerals to establish JV
PERTH (miningweekly.com) - Juniors Fox Resources and Pilbara Minerals have signed a memorandum of understanding (MoU) to establish a joint venture (JV) over Pilbara’s Western Australian tenements.
The two companies would now work to finalise a formal farm-in agreement and establish a JV to carry out exploration over 14 tenements in Western Australia, which were considered to be prospective for base metals, platinum-group elements and gold mineralisation.
Under the MoU, Fox Resources could acquire up to an 80% shareholding in the tenements, in return for carrying out extensive exploration activity. The earn-in programme would take place over three stages, starting early this year.
Fox would be required to make an upfront payment of A$150 000 to earn a 40% share in the tenements, with the remaining 40% interest to be acquired in three stages, over three years, with Fox spending A$565 000 a year over the first two years, and A$839 000 in the third year.
“Establishing a JV to drive the development of these assets is a great opportunity for Fox, given the proximity of the projects to Fox’s current landholding in the Pilbara,” said Fox CEO Bruce Garlick.
Pilbara Minerals executive director Gavan Farley noted that the company had looked at a number of ways to progress the projects, with the Fox transaction making the most sense.
The initial earn-in was subject to a number of conditions, including Fox completing a due diligence, and the finalisation of a binding farm-in and JV agreement, as well as the companies agreeing to an initial exploration work programme and obtaining all the necessary regulatory and government approvals.
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