Elemental hunts for JV partner
PERTH (miningweekly.com) – Minerals explorer Elemental Minerals was on the hunt for joint venture (JV) partners for its Sintoukola potash project, in the Republic of Congo.
Elemental this week announced that it had appointed Cutfield Freeman & Co to act as its financial advisers in its search for one or more JV partners, while the company initiated a bankable feasibility study on the project area, and readied the project for development.
“Cutfield Freeman & Co is the right firm to implement our JV strategy. It has a track record of working with junior mining companies facing challenges similar to ours,” said Elemental CEO Iain Macpherson.
“We are confident that the opportunity to invest in this world-class project, and secure reliable, long-term potash supplies, will be very attractive to potential partners,” he added.
During June last year, Elemental initiated a review of various strategic alternatives to maximise shareholder value, and based on this review, the company’s board of directors decided to seek JV partners to participate in the development and operation of the Sintoukola project.
A prefeasibility study into the project has shown that it could deliver some two-million tons a year of muriate of potash, and the underground operation was expected to have a mine life of some 23 years. The project could be developed at a total capital cost of $1.85-billion, and would have a net present value of $2.9-billion, and an internal rate of return of 29.3%.
Elemental was targeting an initial potash production by 2017, to reach full capacity in 2018.
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