Metallica sells Urquhart
PERTH (miningweekly.com) – Junior Metallica Minerals has taken the decision to divest of its 50% interest in the Urquhart bauxite project, in the Cape York Peninsula, to private purchaser Clear Logistics Australia.
Under the terms of the agreement, Metallica would receive an initial A$50 000 in cash, with a further A$50 000 payable within 30 days of signing a share sale agreement over Metallica subsidiary Oresome Australia.
A milestone payment of A$100 000 will become due on the shipment of the first one-million tonnes of ore from Urquhart and an additional A$100 000 on the shipment of the second one-million tonnes of bauxite from the tenement.
Royalties on both bauxite and sands produced at the project would also be payable.
“We sought interest from a number of parties, the offer from Clear Logistics was superior to other potential offers,” said Metallica executive chairperson Theo Psaros.
“The decision to sell Oresome was not taken lightly. In addition to the tough bauxite market conditions, we are of the strong view that to continue using shareholder funds to maintain a 50% share during such uncertain bauxite market conditions is not in the company’s interest.
“We are encouraged with the progress of our Cape Flattery silica sands project, and subject to finalization of the traditional land owner agreement, we expect to be drilling in the near future.”
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
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