21/11/2019 - 15:03

Vango enters agreement with Chinese entity

21/11/2019 - 15:03

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Vango Mining has entered a non-binding agreement with China-based Nonferrous Metal Industry’s Foreign Engineering and Construction (NFC) to provide $70 million for its Marymia project in the Mid-West region.

Location and geology for the proposed Marymia project. Photo: Vango Mining

Vango Mining has entered a non-binding agreement with China-based Nonferrous Metal Industry’s Foreign Engineering and Construction (NFC) to provide $70 million for its Marymia project in the Mid-West region.

The agreement follows on from an existing memorandum of understanding between the two companies, relating to ownership of Vango’s SARCO bauxite project in Laos.

The new agreement, which proposes the provision of funding for the Marymia project as well as an engineering, procurement and construction contract, is subject to a site inspection, which will commence within 30 days of both parties having signed.

Pending the outcome of the inspection, formal financing and EPC agreements will follow, with Vango issuing $13 million in shares to NFC.

News of the agreement follows on from Vango’s appointment of Andrew Stocks as its new managing director as of January of next year, taking over from Sean Zhou.

Mr Stocks was the founder and director of ASX-listed Iron Road, and has held executive and directorship positions with Siberia Mining Corporation as well as UK-based Crew Gold Corporation.

He will receive $375,000 per annum as remuneration for the role.

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