PERTH (miningweekly.com) - Junior Jadar Resources on Monday announced that its spin-out company Balkan Mining and Minerals had been admitted on the ASX, with trading to start on July 14.
Jadar in February this year announced plans to spin out its Serbian lithium and borate assets into the newly incorporated Balkan Mining and Minerals, with the company to retain a 22% interest in Balkan on the successful completion of an initial public offering (IPO), in which it raised A$6.5-million.
ASX-listed copper miner Sandfire Resources also holds a 22% interest in Balkan, following the completion of a subscription and collaboration agreement between the companies.
Sandfire made a A$2-million investment into Balkan, and has agreed to provide technical and strategic assistance to Balkan as the company progresses the exploration and development of its lithium assets.
Balkan assets include the Rekovac project located in Serbia and its pending applications for new exploration permits lodged by Jadar also in Serbia. The Serbian Ministry of Energy and Mining is expected to issue the new permits shortly after all approvals from relevant institutions are obtained. The potential new permit areas are “greenfields” exploration project areas which cover regions considered prospective for lithium, boron and other associated elements.
The company’s assets also include the Dobrinja and Paranjani lithiu/borate projects.