Phillips River eyes South American assets
PERTH (miningweekly.com) – Metals explorer Phillips River Mining has moved to acquire a number of coal and phosphate interests in South America from shareholder Kiwanda Mines and its partner Lara Exploration.
Under a heads of agreement, signed this week, Phillips River would acquire Lara Exploration’s 19.9% interest in central Colombian coal producer Carbhid SA.
The junior would also acquire a number of assets jointly held by Lara Exploration and Kiwanda Mines through their phosphate alliance and coal alliance, including an option to earn a 51% interest in the Escalones coal mining rights, an option of a 75% interest in the Pelaya coal property, and an option to acquire a 75% interest in the Bofox phosphate mining rights, in northern Chile.
Furthermore, Phillips would also seek to acquire a 75% interest in the Ki phosphate exploration right adjacent to the Bifox mining right.
In exchange for the coal assets, Phillips River would pay an amount determined by independent valuation, after deducting an initial A$450 000 payment to Lara Exploration. The payment would be satisfied through the issue of Phillips River shares, and would be split between Kiwanda and Lara Exploration, with the 75% majority of the shares going to Kiwanda, which already holds a 19.9% shareholding in Phillips River.
The amount payable for the phosphate assets would also be determined by independent valuation, and half of this amount would be paid on the closing of the transaction, with the remainder to be paid on achieving production and resource establishment milestones.
Phillips River had also agreed to reimburse Lara Exploration for the costs incurred in acquiring and maintaining these assets.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
For over 30 years, Werner South Africa Pumps & Equipment (PTY) LTD has been designing, manufacturing, supplying and maintaining specialist...
VISIT SHOWROOM
Your global lifecycle technology & service partner for materials & minerals processing equipment for coal, iron ore, copper, manganese & other...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
