Proactive Investor reports that the exclusivity period agreed with Sydney-based Direct Nickel Private Limited in connection with assessing the possible joint development of Regency’s Mambare nickel/cobalt project in Papua New Guinea has been extended indefinitely by mutual agreement.
Regency and DNi signed a non binding MoU in August over developing Mambare and the partners granted each other a period of exclusivity up to October 1st 2009 in which they would not negotiate with or furnish information to any third parties on the project or the MoU.
Since the signing of the MoU, DNi has carried out a due diligence visit to Mambare and teams from the 2 companies have been working closely together to assess new drill data and digitize other data, look at possible outcomes and formulate exploration strategies.
Regency said that this work is regarded as having been productive by both parties and the exclusivity period has been extended indefinitely subject to one month's notice of termination on either side.
It said that “The size and grade potential of Mambare on the one hand and the technological leadership of DNi on the other have become more evident to the parties over the last weeks and it is their intention to continue to work together on the next stages of development. Further announcements will be made in due course.”
The MoU envisages that the partners work towards a proposed transaction which will pool Regency's interest in Mambare with DNi's lateritic nickel/cobalt treatment technology in a new company in which both parties will have shares which will have non exclusive licensing arrangements for the DNi process and which will raise funding for the further development of Mambare including a pilot plant.
DNi would assume the role as project operator in the new company and both parties would be represented on the board and in the management of the new company.
Source: Steel Guru/Proactive Investor
Showing posts with label Papua New Guinea. Show all posts
Showing posts with label Papua New Guinea. Show all posts
Monday, October 5, 2009
Wednesday, August 19, 2009
Regency Mines Signs PNG Cobalt Agreement
Regency Mines Plc a mining exploration and mineral investment company, said on Wednesday it signed a memorandum of understanding (MoU) related to its stake in a nickel-cobalt project in Papua New Guinea.
Under the MoU, Regency agreed to pool its interest in the Mambare project with the privately-owned Direct Nickel's (DNi) lateritic nickel/cobalt treatment technology in a new company, in which both parties would have shares.
The new company would raise funding for the further development of Mambare, including a pilot plant, Regency said.
DNi would assume the role as project operator, and both parties would be represented on the board and in the management of the new company, it said.
Source: Reuters
Under the MoU, Regency agreed to pool its interest in the Mambare project with the privately-owned Direct Nickel's (DNi) lateritic nickel/cobalt treatment technology in a new company, in which both parties would have shares.
The new company would raise funding for the further development of Mambare, including a pilot plant, Regency said.
DNi would assume the role as project operator, and both parties would be represented on the board and in the management of the new company, it said.
Source: Reuters
Wednesday, February 11, 2009
One Billion Tonnes Of Copper Ore In Abandoned PNG Mine
Bougainville Copper Ltd, the Papua New Guinea miner in which Rio Tinto Ltd has a 53.6% stake, said on Wednesday a study has shown that its Panguna mine in Papua New Guinea has a mineral resource of a billion tons of ore.
An order of magnitude study has shown there was sufficient potential for a viable operation, allowing the reporting of a mineral resource statement. The mine has an indicated and inferred resource of 1.06 billion metric tons of ore with copper at grades of 0.33% and gold at 0.37 grams per ton.
The mine closed after it was attacked by Bouganville secessionists in 1989, but production for 1988, the last full year of operation, was 166,000 tonnes of copper and 445,000 ounces of gold, worth a total of $1 billion at today's prices.
The company has been in talks with the Papua New Guinean Government and the autonomous Bougainville government over the mine's future but a consensus among stakeholders will be required before any mining recommences.
Hostilities on Bougainville ended in 2001 with the formation of the autonomous government, however Rio Tinto has not been in a hurry to return to the island.
Bouganville Copper now derives its profits from interest on a range of investments.
An order of magnitude study has shown there was sufficient potential for a viable operation, allowing the reporting of a mineral resource statement. The mine has an indicated and inferred resource of 1.06 billion metric tons of ore with copper at grades of 0.33% and gold at 0.37 grams per ton.
The mine closed after it was attacked by Bouganville secessionists in 1989, but production for 1988, the last full year of operation, was 166,000 tonnes of copper and 445,000 ounces of gold, worth a total of $1 billion at today's prices.
The company has been in talks with the Papua New Guinean Government and the autonomous Bougainville government over the mine's future but a consensus among stakeholders will be required before any mining recommences.
Hostilities on Bougainville ended in 2001 with the formation of the autonomous government, however Rio Tinto has not been in a hurry to return to the island.
Bouganville Copper now derives its profits from interest on a range of investments.
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