NSL signs new exploration JV
PERTH (miningweekly.com) - ASX-listed NSL Consolidated has signed a heads of agreement to establish a joint venture (JV) to expand its iron-ore operations in India.
The heads of agreement outlines the JV terms between subsidiary NSL Mining Resources and India’s Vijay Mining, which is a wholly owned subsidiary of the larger Vijay Group.
Under the terms of the agreement, Vijay would inject some $13.1-million capital into NSL in return for a 40% interest in the NSL Mining Resources subsidiary.
“The signing of this heads of agreement with Vijay Group reflects the sector’s recognition of the success and calibre of our approvals and project development pathways in India,” said NSL MD Cedric Goode.
He noted that the transaction also acknowledged NSL’s unique position and achievements in being a small player, but with substantial growth upside in a commodity with its own strong growth fundamentals.
“We are confident of moving the heads of agreement to more secure commercial outcomes as both parties recognize that they bring complimentary skills and assets to the JV, and are desirous to progress this to final, binding agreements.
Goode added that the heads of agreement, and the company’s current level of negotiations with majors would further derisk NSL’s iron-ore mining operations and underpin real opportunities for more rapid expansions.
The heads of agreement covers NSL’s current iron-ore operations as well as other sites, primarily across the Andhra Pradesh state.
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