Hancock looks at nickel, lithium and copper at Mt Bevan
PERTH (miningweekly.com) – Gina Rinehart’s Hancock Magnetite Holdings has taken an interest in the nickel, lithium and copper potential at the Mt Bevan iron-ore project in Western Australia.
Hancock in April entered into the Mt Bevan iron-ore joint venture (JV) with Legacy Iron and Hawthorn Resources, making an initial A$9-million investment for a 30% interest in the project.
On completion of the initial investment, Legacy’s share in the Mt Bevan iron-ore project declined from 60% to 42%, while Hawthorn’s holdings declined from 40% to 28%.
Hancock could increase its interest in the project by a further 21% through funding a prefeasibility study, reducing Legacy’s holding to 29.4% and Hawthorn’s holding to 19.6%.
The JV parties on Monday announced that they had now executed a non-binding deed in relation to the nickel, lithium and copper at Mt Bevan, granting Hancock the exclusive right to undertake a desktop study to assess nickel, lithium and copper on the Mt Bevan project.
The exclusive period is for a period of three months and commences on the date of Hancock receiving all exploration data held by Legacy and Hawthorn.
The results of the desktop study will be made available to Legacy and Hawthorn for review.
Legacy Iron CEO Rakesh Gupta said that the world is rapidly introducing new forms of energy which require vast quantities of nickel, lithium and copper.
“This agreement further strengthens the working relationship between the Mt Bevan JV partners. We eagerly await the outcome of the desktop study being conducted by Hancock.”
Hawthorn MD Mark Kerr noted that exploration for nickel, lithium and copper is imperative to facilitating these energy options, adding that Hawthorn was delighted to expand its relationship with Hancock.
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