THE BOURSE WHISPERER: They say that earning 50 per cent of a project is better than earning 50 per cent of no project.
Tanzanian regulators approve Nachingwea JV
IMX Resources (ASX: IXR) has received Tanzanian regulatory approvals for its joint venture agreement with MMG on the Nachingwea exploration property in Tanzania.
This property includes the Ntaka Hill nickel sulphide project.
Under the terms of the Agreement, MMG may earn up to a 60 per cent interest in the Nachingwea property by spending up to US$60 million over a five year period.
The approvals received comprise consent for the Agreement from the Commissioner for Minerals in the Tanzania Ministry of Energy and Minerals and the approval of Stage 1 of the Agreement by the Tanzanian Fair Competition Commission.
Discussions with the FCC regarding approval of the subsequent stages of the Agreement are ongoing and expected to be finalised before the completion of Stage 1.
MMG and IMX have agreed that in the unlikely event of delays in securing approval from the FCC for the subsequent stages, the timeframe for MMG’s expenditure commitments on any stage under the Agreement will be suspended until the approvals are provided.
They have also agreed that the requirement for IMX to contribute to costs related to any such delays will be limited to US$2 million for each stage.
Stage 1 of the Agreement, under which MMG is sole-funding expenditure of US$10 million to earn a 15 per cent interest in the project, is well advanced with assessment of geophysical surveys, soil sampling results and review of the various data sets and historical core almost complete.
This will enable targets to be generated for the upcoming aggressive drilling program at Ntaka Hill commencing in May 2014.
Joint Venture Agreement Signed
Discovery Metals (ASX: DML) has reached an agreement of a new joint venture programme with the Japan Oil, Gas and Metals National Corporation (JOGMEC) and BCL Limited for the Dikoloti nickel project in north-east Botswana.
The Dikoloti project comprises three prospecting licences covering an area of 283 square kilometres surrounding the three nickel deposits of BCL in the Selebi-Phikwe region of north-east Botswana.
An Inferred Mineral Resource has been reported in accordance with the guidelines of the JORC Code 2004 of:
4.1 million tonnes at 0.7 per cent nickel, 0.5 per cent copper and 1.2 grams per tonne PGE’s at a cut-off of 0.5 per cent nickel for 28,700 tonnes of contained nickel.
Discovery explained this has not been updated to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported.
In 2009 Discovery signed a joint venture agreement with JOGMEC, which provided for JOGMEC to earn an interest of up to 60 per cent in the Dikoloti project by funding exploration of $3 million with Discovery acting as operator.
Following further expenditure by JOGMEC, it increased its participating interest in the project to 72 per cent while Discovery retained 27.9 per cent as of December 2013.
The new agreement between Discovery, JOGMEC and BCL represents the next step in progressing the Dikoloti project towards production.