https://www.engineeringnews.co.za

Pilbara and MinRes shake hands

2nd November 2016

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – Juniors Pilbara Minerals and Mineral Resources (MinRes) have entered into a formal settlement deed to settle a dispute over product from the Pilgangoora lithium project, in Western Australia.

The two companies earlier this week agreed to terms to settle a dispute over a sales notice and the right of first refusal over the Pilgangoora product, bringing to an end legal disputes.

Under the terms of the agreement struck between MinRes and Pilbara Minerals, MinRes will permanently relinquish its right of first refusal and a 2.5% royalty payment in exchange for a stake in Pilbara Minerals, and committing to support the development of the Pilgangoora project.

MinRes will be issued with A$50-million of Pilbara Minerals shares, based on a 48c a share valuation. The shares will be issued under Pilbara Minerals' placement capacity and will not require shareholder approval.

Pilbara Minerals said on Wednesday that the company would issue some 104.1-million shares to MinRes under its current 15% placement capacity.

In addition, the two parties have also agreed to collaborate to explore and exploit possible synergies that could exist between MinRes’ Wodgina project and the Pilgangaoora project, to mutual benefit.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Environmental Impact Management Services
Environmental Impact Management Services

EIMS is an independent specialised environmental consulting firm offering the full spectrum of environmental management services across all sectors...

VISIT SHOWROOM 
Craig Miller Technical Services (CMTS)
Craig Miller Technical Services (CMTS)

CMTS is a leading, well-established EC&I contractor with 37+ years of mining and industrial experience. We execute full-scope EC&I projects with...

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







301

sq:0.068 0.751s - 140pq - 2rq
Subscribe Now