PERTH (miningweekly.com) – ASX-listed junior Magnum Mining & Exploration has completed the divestment of a 60% interest in its Tantalite Valley project, in Namibia, to African Tantalum.
Under the terms, agreed upon in July last year, African Tantalum acquired its interest in the project for A$806 160, or R8-million. African Tantalum would take up the responsibility to operate and fund the project in consideration for 100% of any revenues generated in the first 30 months after the completion of the project.
Magnum told shareholders on Tuesday that the transaction provided a way forward for the development of the Tantalite Valley project, and strengthened the company’s cash position.
The project is located on a granted mining licence near Warmbad, in the Karas region.