THE BOURSE WHISPERER: As they say in the classics; it’s better to have 50 per cent of a project than 100 per cent of no project.
Carpentaria reappointed manager of Hawsons JV
Carpentaria Exploration (ASX: CAP) has been reappointed manager of the Hawsons iron project Joint Venture following a twelve month period under partner, Pure Metals’ management.
Pure Metals has earned its 40 per cent share of the joint venture following meeting its expenditure commitment of $5 million to the project over the past twelve months.
“Regaining management of our major asset is a very important step as it provides the opportunity to progress Hawsons through development and build Carpentaria into a long lasting, low cost, premium iron producer,” Carpentaria Exploration managing director Quentin Hill said.
“The successful earn-in by Pure Metals has put the joint venture on a very stable footing and I look forward to progressing the project with Pure Metals into the future.”
Investigator settles with JV partner
Investigator Resources (ASX: IVR) has come to an agreement with Mega Hindmarsh, its partner in the Peterlumbo Joint Venture (PJV), to acquire Mega’s 25 per cent interest in the PJV.
The PJV incorporates the Paris silver project and satellite targets.
Investigator will issue approximately 12 million shares in the company to Mega as consideration for the acquisition.
On Investigator receiving the 100 per cent interest in the PJV, the JV will be at an end and the parties released from any future or outstanding contribution commitments or obligation generally.
“We are very pleased to have reached an amicable resolution with Mega with respect to the Peterlumbo Joint Venture and welcome them as a shareholder of the company,” Investigator Resources managing director John Anderson said.
“We now look forward to putting all our energies to developing the mineral opportunities at Peterlumbo and our other exciting projects.”
Coyote Plant Agreement
Tanami gold (ASX: TAM) has reached an agreement with ABM Resources (ASX: ABU) to lease its Coyote gold processing plant and associated infrastructure to ABM.
The Plant is situated in the Western Tanami mining district in far north Western Australia.
The agreement includes an option to purchase the Plant and associated infrastructure and the underlying mineral leases.
The agreement does not cover the mineral rights relating to the Coyote gold mine, which are retained by Tanami, until ABM exercises its purchase option.
During the lease period the responsibility for past environmental disturbance and future mine closure costs remains with Tanami and ABM will be responsible for environmental disturbance occurring during the lease period.
ABM is responsible for maintaining and operating Coyote and the infrastructure and, unless ABM exercises the purchase option, will return Coyote and the infrastructure to Tanami in the same operating condition in which ABM received it (fair wear and tear excepted).
Exploration Farm-in for Kikagati tin project
Kasbah Resources (ASX: KAS) has signed an exploration farm-in agreement with wholly-owned Ugandan subsidiaries of Australian private company Starfield Metals.
The Memorandum of Understanding (MOU) between the parties relates to 96 square kilometres of exploration and mining licences (the Kikagati tin project) in south-western Uganda.
Under the terms of the MOU, Kasbah has an exclusive option to farm-in to the Kikagati tin project and may earn up to a 51 per cent interest on completion of certain milestones.
A $100,000 fee gives Kasbah an exclusive 6-month period to conduct due diligence.
“This is a low-cost entry into a prospective tin field,” Kasbah Resources managing director Wayne Bramwell said.
“The exploration potential of these licences in south-western Uganda is exciting and, in common with our Moroccan licences, this package of licences is within an under-explored tin belt with tin production history.
“The Achmmach tin project in Morocco remains our prime focus and is moving through project financing.
“As a result our Exploration Manager can now be deployed to review new tin opportunities.
“Kasbah looks forward to working collaboratively with Starfield’s Ugandan operating team to advance the systematic exploration for tin in south-western Uganda.”
MoU to acquire all Snow Peak Mining assets
Consolidated Tin Mines (ASX: CSD) has entered into a binding Memorandum of Understanding with Snow Peak Mining (SPM) to acquire its entire suite of assets.
This includes the Mt Garnet concentrator facility and associated tenements, the Surveyor-Balcooma mine and the Einasleigh & Maitland projects and associated mining tenements, mining plant and equipment, and all mining information and associated mining information, plus the Baal Gammon Minerals Rights Agreement (MRA).
This MOU replaces a previously signed MOU, which involved only the acquisition of the Mt Garnet processing plant and the mining tenements directly associated with the processing plant.
“Acquiring the SPM assets creates an opportunity to continue to develop the Mount Garnet tin project as well as to develop new opportunities contained within the current SPM and CSD asset bases,” Consolidated Tin Mines managing director John Banning said.
“Bringing these significant assets together further enables CSD to ensure transparency with clear strategy alignment, and positions the company to efficiently implement development plans while fully leveraging resource, project, operational and financial synergies.”