West Rock alliance to acquire 80% stake in Borroloola West
JOHANNESBURG (miningweekly.com) – West Rock Resources and its alliance partner Cliffs Natural Resources Exploration have entered into an agreement with Sandfire Resources to acquire an up to 80% interest in the 2 062 km2 Borroloola West copper and manganese greenfield exploration project in the Northern Territory.
The alliance partners would acquire the 80% interest in three stages, with the first phase requiring it to spend $1.5-million over two years to acquire an initial 51% interest in the project, with West Rock to act as manager for the exploration project.
Thereafter, the partners could spend a further $2.5-million over two years to earn a further 19% interest in the project in the second phase.
For the final phase, the alliance would need to spend a further $3-million over another two years, or sole fund a bankable feasibility study, to earn another 10% stake in the project.
West Rock and Cliffs had entered into a strategic alliance in July last year, giving Cliffs the right to earn up to an 80% interest in projects developed in joint venture (JV).
Cliffs has accepted Borroloola West as a property of merit and the alliance has designated the project as a JV project. Cliffs plans to acquire a 70% interest in the project and has committed $850 000 to sole fund this year’s exploration activities at Borroloola West.
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