Phosphate Australia to Sell Highland Plains Project

Phosphate Australia (ASX:POZ) has announced it has granted an option to sell 100 percent if its wholly owned Highland Plains Phosphate Project in the Northern Territory to private Canadian company, P2O5 Resources.

The Australian phosphate producer has already received the initial option fee payment of C$100,000 (plus GST).

As quoted from the press release:

The option agreement over the Highland Plains phosphate project is a welcome step forward  for the venture and POZ retains excellent exposure to any ongoing development of the project.

“The core focus of POZ Minerals is the bulk sampling and trial mining of the Blina diamond project in the Kimberley region of Western Australia. This recent deal over Highland Plains in the NT is an excellent way to add value to the company, whilst maintaining our focus on Blina. The retained royalty and equity interest in the proposed listing company could prove extremely valuable as the project moves forward. In the event the Highland Plains project option is exercised, the C$2.5 million exercise fee would also be a significant contribution to the company,’  said POZ executive chairman Jim Richards.

Click here to read the full announcement