Korab Receives Second Funding Proposal for Magnesite Project

Mining Weekly reported that Korab Resources Ltd. (ASX:KOR) has received a second proposal regarding funding for its Winchester magnesite project in Australia’s Northern Territory.

The company received another proposal about funding from a different company at an earlier date.

As quoted in the market news:

Korab said that the unnamed proponent was a respected mining contracting company, which would fully fund the project to the first ore shipment stage.

Under this proposal, the mining contracting company would provide Korab with turnkey project finance, development and operation solutions subject to ‘various conditions precedent’.

Korab noted that the proposal envisaged that the mining contracting company would take control of the development of Winchester magnesite quarry, including the permitting process, and would take it to production at its own expense.

In exchange the mining contracting company would receive a long-term contract to operate the quarry and receive a mining royalty.

Click here to read the full Mining Weekly report.