https://www.miningweekly.com

Madison, Lux terminate their partnership

2nd May 2023

By: Darren Parker

Deputy Editor Online

     

Font size: - +

Uranium exploration and development company Madison Metals and blockchain service provider Lux Partners have agreed to mutually terminate their partnership, effective immediately.

This decision is attributed to challenging market conditions, which have made it difficult to continue the partnership.

One of the contributing factors to this decision was developments involving the payment processing platform used by Lux, called Stripe. Stripe froze Lux's funds and then terminated the account used last year, disrupting key banking and financial operations.

Given the challenges in creating a satisfactory product that both parties can trust, Madison and Lux have decided it is in the best interest of all stakeholders for Lux to refund purchases made and for the companies to move forward independent of each other.

"Given the current market conditions and challenges, we have made the difficult decision to mutually terminate the partnership. We remain committed to our goals and are actively pursuing alternative strategies to achieve them," says Madison Metals executive chairperson and CEO Duane Parnham.

Lux president Zach Kelling agrees that it is in the best interest of all parties to mutually terminate the partnership.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

SafeQuip
SafeQuip

SafeQuip is a leading distributor and manufacturer of fire safety solutions, offering a comprehensive range of products designed to meet all...

VISIT SHOWROOM 
EKATO Africa
EKATO Africa

Established in 1933, EKATO is the world leader in agitation technology, supplying agitators for processes and applications such as chemicals and...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

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:0.058 0.929s - 110pq - 2rq
Subscribe Now