Mega Uranium, Cameco may form Kintyre Rocks JV
JOHANNESBURG (miningweekly.com) – Toronto-listed Mega Uranium has entered into a nonbinding farm-in and joint venture (JV) term sheet with fellow uranium miner Cameco Australia, covering certain granted tenements and tenement applications in Mega's Kintyre Rocks project, in the east Pilbara region of Western Australia.
The project, which is owned by Boxcut Mining, a wholly owned subsidiary of Mega, immediately surrounds the lease containing the Kintyre uranium deposit, which is jointly owned by Cameco and Mitsubishi Development.
Mega and Cameco would now work towards negotiating and entering into a formal binding farm-in and JV agreement in respect of the project.
“Establishing a JV with Cameco represents a great opportunity for Mega to advance the exploration and development of the project with a world-class agreement partner that has significant uranium exploration expertise,” Mega said in a statement.
Subject to the negotiation of a definitive agreement, Cameco would earn an initial 51% interest in the project through the sole provision of A$2-million in exploration funding.
Once Cameco had earned this interest, Boxcut and Cameco would form a JV for the purpose of maintaining, exploring, developing and mining the project.
Cameco would be the operator of the project during the Stage 1 farm-in period, and would act as the manager of the JV.
The company could elect to earn an additional 19% interest in the project through the funding of a further A$2–million in exploration funding within four years.
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