Centrex agrees to third Chinese JV
PERTH (miningweekly.com) - Metals developer Centrex has signed a heads of agreement (HoA) for its third Chinese joint venture (JV), this one covering its Goulburn base metals project, in New South Wales.
Under the terms of the HoA, Chinese investor Shandong 5th Geo-Mineral Prospecting Institute would fund a A$2-million exploration programme over the base metals project, in return for a 35% interest in the project.
Upon the completion of the Stage 1 exploration programme, Shandong could take its shareholding in the Goulburn project to 50% by funding the project through a bankable feasibility study.
Shandong could take an 80% share of the project if it funds the project through to production. In this case, Centrex would retain a 20% free-carried interest into production.
The two companies would now finalise the detailed transaction documents for the JV over the next three months, with the agreement subject to approval by both the Australian and Chinese governments, and by the respective company boards.
Once the JV funding had been received, Centrex would start drilling across several priority base metals targets identified from the recently completed geophysical surveys.
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