GreenTech Metals and Anax Metals Strike Copper Focussed Pilbara Based Metal Alliance

THE BOURSE WHISPERER: GreenTech Metals (ASX: GRE) has struck a deal with Anax Metals (ASX: ANX) to jointly assess potential of the latter to treat the former’s base metal assets.

GreenTech Metals and Anax Metals have signed a non-binding and non-exclusive Memorandum of Understanding (MoU) under which they will assess potential treatment of ore from GreenTech’s wholly-owned open-pittable Whundo deposit, at Anax’s fully-permitted Whim Creek Processing hub.

The proposed Whim Creek project (80% owned by Anax and 20% owned by Develop Global) will consist of a new concentrator, and a refurbished heap leach facility capable of treating oxide, transitional and supergene ore.

Here’s where the deal makes sense; Whim Creek is located 115 kilometres southwest of Port Hedland in the West Pilbara region of Western Australia, and just 100km northeast of GreenTech’s Whundo deposit.

The two companies are forming a Pilbara Base Metal Alliance which they envisaged to consist of base metal explorers that are seeking to monetize assets that are within trucking distance of Whim Creek.

“This is a great opportunity for GreenTech that could see a formalised Alliance with Anax taking significant steps towards establishing near-term mining operations at our Whundo project,” GreenTech Metals managing director Tom Reddicliffe said in the company’s ASX announcement.

“Our project already has defined open-pittable copper and zinc resources and potential to define additional near surface resource tonnes at both Yannery and Ayshia.

“The alliance could be the catalyst that the West Pilbara needs to become a significant copper producer and we look forward to working closely with Anax to make this a reality.”