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Anglo Pacific Group plc (TSX:APY,LSE:APF) announced it has agreed to a proposal with Red Rock Resources plc (LSE:RRR) to acquire 50% of Mount Ida.
Anglo Pacific Group plc (TSX:APY,LSE:APF) announced it has agreed to a proposal with Red Rock Resources plc (LSE:RRR) to acquire 50% of Mount Ida.
As quoted in the press release:
The acquisition will total US$14 million paid in three instalments as follows:
- Tranche 1: US$6 million on completion and agreement of the terms of the transaction, for a 0.3% GRR.
- Tranche 2: US$4 million payment for a further 0.225% GRR following the results of a positive definitive feasibility study (DFS), a formal decision to mine and that 20% of the pre-production capital costs outlined in the DFS are provided for.
- Tranche 3: US$4 million for a further 0.225% GRR following the commencement of commercial production, taking the total to 0.75% GRR.
Click here to read the Anglo Pacific Group plc (TSX:APY) press release.
