Merger implementation agreement
SONS of Gwalia, MeMaX Resources and Nissho Iwai Corporation have singed a merger implementation agreement.
BeMaX, which owns 100 per cent of the Pooncarie Mineral Sands Project in the Murray Basin will be the publicly listed entity for the combined assets.
Under the merger, RZM Cable Sands group of companies, owned by Nissho and the Murray Basin Titanium Joint Venture – owned 50-50 by Nissho and Sons of Gwalia – will become wholly owned by BeMaX.
The transaction will consolidate established mineral sands operations in Western Australia and the Murray Basin and an extensive exploration and ore resource base.
The combined resource base of the group will be more than 70 million tonnes of contained heavy minerals.
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