The Conversation (0)
Amana Copper Ltd. (CSE:AMA) announced that it has signed an agreement to acquire a 70-percent interest in the producing Baya cobalt-copper project. It is located in the Democratic Republic of the Congo’s Katanga province.
Amana Copper Ltd. (CSE:AMA) announced that it has signed an agreement to acquire a 70-percent interest in the producing Baya cobalt-copper project. It is located in the Democratic Republic of the Congo’s Katanga province.
As quoted in the press release:
The Preliminary Agreement signed by Amana and Mahaveer Mining describes the terms and conditions whereby Amana can earn a 70% interest in the Baya Project once the following milestones have been met (all US Dollars):
- $500,000 to be paid by Amana to Mahaveer Mining upon Mahaveer Mining receiving an exploitation license covering the entirety of the Baya Project (‘First Tranche’); and
- $500,000 to be paid by Amana to Mahaveer Mining 45 days after payment of the First Tranche.
Subject to Amana’s ongoing due diligence, the Company seeks to enter into a definitive agreement (‘Definitive Agreement’) with Mahaveer Mining as soon as practicable, however there is no assurance that a transaction will be completed. Upon completion of a Definitive Agreement and after securing the necessary funding, Amana would seek to expedite a drilling campaign to define a minable cobalt-copper production resource at the Baya Project.
Click here to read the full Amana Copper Ltd. (CSE:AMA) press release.
