https://www.engineeringnews.co.za

Bass divests Tasmanian assets

1st May 2017

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – Junior Bass Metals has signed a conditional term sheet to dispose of its Tasmanian projects to London-listed NQ Minerals.

In exchange for its tenement and mining interests held in Tasmania, Bass Minerals will receive a 1% net smelter royalty on an any future sales from the tenement, for a period of 20 years from completion of the transaction, with the company also to be relieved of all future liabilities associated with all the tenements and existing agreements.

Furthermore, Bass will receive bonds and other refunds in relation to the tenements worth some A$150 000, with NQ Metals to reimburse Bass for all costs incurred at the Tasmanian assets from the date of signing the term sheet, and the final completion of the sale and purchase agreement.

“The sale of the company’s Tasmanian assets provides a number of tangible benefits to the company and shareholders,” said Bass CEO Tim McManus.

“In the short-term, we reduce expenditure and additional receive a substantial return of cash via bond funds. Additionally, the royalty stream from this agreement could ultimately provide an additional revenue stream to bass.”

McManus said that the transaction would also allow the company to move forward and concentrate on its primary strategy of delivering shareholder value through the optimsiation and expansion of its Graphmada graphite mine, in parallel with continued exploration of its tenement package in Madagascar.

Edited by Creamer Media Reporter

Comments

Showroom

Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 
Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.081 0.136s - 156pq - 2rq
Subscribe Now