West Perth based precious and base metals explorer Universal Resources Ltd has signed an agreement with the Kalkadoon people of North West Queensland - the traditional owners of the land at the company's Roseby Copper project.
West Perth based precious and base metals explorer Universal Resources Ltd has signed an agreement with the Kalkadoon people of North West Queensland - the traditional owners of the land at the company's Roseby Copper project.
In exchange for land access compensation, a cultural heritage management plan, training and employment commitments, the Kalkadoon Claimant group will consent to the granting of mining leases and proposed company activities on five mining leases ML90162- ML 90166.
At 950 WST, shares in Universal were down .5 cents to 15.5 cents.
Below is the announcement:
NATIVE TITLE AGREEMENT PAVES WAY FOR MINING AT ROSEBY
Universal Resources is pleased to announce the signing of a landmark agreement with the Kalkadoon people of North West Queensland who are the traditional owners of the land at Roseby. The agreement represents a major step forward in the development of the Roseby Copper Project and covers a number of obligations on the part of Universal and the Kalkadoon Claimant Group. Importantly in exchange for land access compensation, a cultural heritage management plan, training and employment commitments the Kalkadoon Claimant group will consent to the granting of mining leases and proposed company activities on five mining leases ML90162- ML 90166. These leases encompass the resources which are currently the subject of a feasibility study into the construction of an open pit copper mine and copper concentrator.
The agreement includes three important components of benefit to the Kalkadoon people:
- It details the compensation for access to the mining leases and provides a compensation structure for ongoing cultural heritage services.
- It contains a Cultural Heritage Management Plan which defines the protocols for cultural heritage surveys and protection within the lease area.
- It contains a commitment to provide job training and employment opportunities for Kalkadoon people as well as commitments to positively encourage the engagement of Kalkadoon entities in any future mining operations and associated activities at the Roseby project.
Universal Resources will benefit from the agreement in the following way:
- The Kalkadoon Group will consent to the granting of Mining Leases at the Roseby Project
- The Kalkadoon Group agrees and consents to the continued exploration, development, construction and ongoing operation of the Roseby Project.
The Roseby Project is 100% beneficially owned by Universal Resources either directly or via its wholly owned subsidiary Bolnisi Logistics Pty Ltd. The project area covers approximately 143 square kilometers on Mining Lease Applications ML90162- ML90166. These leases encompass all of the known mineral resources within the Roseby Copper Project Feasibility Study Area. The remainder of the Roseby Project tenements remain the subject of the Cultural Heritage and Access Agreement previously signed with the Kalkadoon Claimants.
The directors wish to acknowledge the enormous contribution that the Kalkadoon claimant groups have made towards bringing this agreement to completion. This would not have been possible without their supportive attitude towards the mining industry. The goodwill and cooperation demonstrated during the negotiations was immensely encouraging and was instrumental in expediting the final agreement. It provides a firm basis on which to further develop our continuing relationship with the Kalkadoon people.