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Blackthorn to Sell Interest in Perkoa Zinc Project to Glencore Xstrata
Apr. 16, 2014 04:15PM PST
AustraliaBlackthorn Resources Ltd. (ASX:BTR) announced that it has reached a non-binding conditional agreement with Glencore Xstrata plc (LSE:GLEN) under which it will sell its remaining 27.3-percent equity interest in the Burkina Faso-based Perkoa zinc joint venture.
Blackthorn Resources Ltd. (ASX:BTR) announced that it has reached a non-binding conditional agreement under which it will sell its remaining 27.3-percent equity interest in the Burkina Faso-based Perkoa zinc joint venture to Glencore Xstrata plc (LSE:GLEN).
Other highlights include:
- The agreement also includes the sale of Blackthorn Resources’ exploration licences in Burkina Faso.
- Blackthorn Resources will receive up to US$12M cash as consideration for the sale; US$10M for Perkoa and up to US$2M for the exploration tenements.
- Blackthorn Resources will not be required to contribute its US$9M share of the US$30M working capital requirement for Perkoa announced in August 2013.
- The Company believes the settlement represents fair value for its equity in the Perkoa JV.
- Blackthorn Resources is now in a position to focus on the development of its core asset, the Kitumba Copper Project in Zambia.
Click here to read the full Blackthorn Resources Ltd. (ASX:BTR) press release.
