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IMX Resources Partners with MMG on Nachingwea Project
Sep. 20, 2013 10:21AM PST
Base Metals Investing Mining Weekly reported that IMX Resources Ltd. (TSX:IXR,ASX:IXR) has agreed to a farm-in agreement with MMG Exploration Holdings Ltd. for its Nachingwea project, which includes the Tanzania-based Ntaka Hill nickel sulphide deposit. The deal is worth $60 million.
Mining Weekly reported that IMX Resources Ltd. (TSX:IXR,ASX:IXR) has agreed to a farm-in agreement with MMG Exploration Holdings Ltd. for its Nachingwea project, which includes the Tanzania-based Ntaka Hill nickel sulphide deposit. The deal is worth $60 million.
As quoted in the market news:
The earn-in period between IMX and MMG would stretch over five years and would be structured over three stages.
In the first stage, MMG would sole-fund some $10-million on exploration over the next 12 months, to earn its first 15% stake in the joint venture (JV).
MMG could then elect to sole-fund a further $25-million within a further 18-month period, to increase its JV interest to 40%.
Over the Stage 3 earn-in, MMG could elect to sole-fund a further $25-million within a further 30 months, increasing its stake in the JV to 60%.
MMG would become the manager of the JV and would initially focus on deep drilling at the Ntaka Hill prospect, while accelerating assessment of the regional setting.