16/11/2004 - 21:00

Minara’s mining moves

16/11/2004 - 21:00


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Minara’s mining moves

MINARA Resources, the company formerly known as Anaconda, has entered into joint ventures with two nickel players.

Its first joint venture is with Halcyon Group and covers exploration for nickel sulphides at the Bardoc Project.

Under the joint venture Minara will pay $300,000 on signing and, in return, will earn up to 70 per cent of nickel rights through an expenditure of $2.7 million on exploration.

Minara’s first minimum spend is $900,000 and after spending $1.5 million it will have earned a 51 per cent interest in the project.

On completion of 70 per cent earn in, Halcyon can elect to contribute or dilute to a 20 per cent free carried interest until decision to mine.

The agreement provides Halcyon with the funds it needs to aggressively explore the Bardoc Project.

Halcyon has already identified numerous targets in the project.

The second nickel play involves a joint venture with Gryphon Minerals on its Mount Windarra Project.

In that deal Minara has agreed to fund $1 million exploration over two years to earn a 70 per cent stake in the Mount Windarra Project.

Minara has to fund $300,000 within the first year before it can withdraw from the joint venture and it will not earn any equity until it has spent $1 million on exploration.

Gryphon is to be the manager of the project until a decision to mine has been made.

Asset Backed bid stretched

ASSET Backed Holdings Limited’s bid for public unlisted phosphate miner Phosphate Resources Limited has been extended by another two weeks to November 26.

The company’s voting power is currently just under 40 per cent.

The offer is now free of the 90 per cent acceptance condition that had applied to the initial bid.


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