AQUACAROTENE Limited has progressed plans to sell off sand and gravel from Karratha land holdings for which it has secured mining leases.
BGC Contracting has signed with the listed biotech company for an exclusive option to sub lease.
BGC can remove sand and gravel from a site, on which it has access for drilling, surveying, sampling and testing within 90 days of payment of a $50,000 option fee.
Should BGC exercise its option, Aquacarotene will receive the difference between market commercial rates and BGC’s recovery costs for the material.
Fill and roadbase sand and gravel is in demand in the Karratha region, ahead of unprecedented industrial development.
Aquacarotene has estimated it has up to 400,000 cubic metres of sand and 1.8 million cubic metres of gravel or fill on its land, if mined to 1.5 metres.
Last month the Australian Stock Exchange quizzed Aquacarotene over its ability to fund future activity.