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Solid Resources Ltd. (TSXV:SRW,FWB:YRS) announced the signing of a definitive and exclusive co-operation agreement with a 100 percent owned subsidiary of Glencore Xstrata plc. The agreement is for joint due diligence of the Cehegin Project in south-eastern Spain, and also allows for a joint venture company to be potentially formed for the purpose of progressing development of the property’s formerly producing Cehegin Iron Ore Mine.
As quoted in the press release:
Under the terms of the Joint Venture Agreement (“the JVA”), Glencore would be granted a 20% interest in the Cehegin Project, with Solid retaining an 80% interest. The joint venture would progress exploration and phased development studies with the objective of identifying and constructing a new iron ore mine.
Solid Resources CEO, Greg Pendura, said:
A strategic partnership with Glencore is a major step towards putting the Cehegin Project into production. Glencore gives Solid access to world renowned expertise in mining development, worldwide marketing and logistics. The strength of Glencore combined with the historical drilling and production data available on the Cehegin Iron Ore Mine will greatly facilitate the advancement of this project.
Click here to read the Solid Resources Ltd. (TSXV:SRW) press release
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