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RMG Limited (ASX:RMG) has signed an agreement to acquire 100 percent of the joint venture on the Tuina Copper project, previously entered into by RMG and Chile Metals Consulting SpA.
RMG Limited (ASX:RMG) has signed an agreement to acquire 100 percent of the joint venture on the Tuina Copper project, previously entered into by RMG and Chile Metals Consulting SpA.
As quoted in the press release:
The transaction substantially simplifies the structure of the original Joint Venture and provides a clear ownership structure for the future development and financing of the Tuina Project. The assignment of the Porvenir debt also provides the Company with greater flexibility in its future negotiations with Porvenir with respect to the existing option agreement it has with that company. The Company is currently drilling on the Porvenir permit area which is regarded as an attractive short and long term development opportunity for the Company.
RMG chairman, Robert Kirtlan, said:
[T]he simplification of the structure will allow us to continue our development of the Tuina Copper Project in a much simpler and efficient manner and the addition of Chile Metals to our register is a welcome addition given our long term close working relationship.