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Deutsche Rohstoff AG: Hammer Metals and Newmont Mining sign Farmin Joint Venture Agreement on Mount Isa Project
DGAP-News: Deutsche Rohstoff AG / Key word(s): Joint Venture
Deutsche Rohstoff AG: Hammer Metals and Newmont Mining sign Farmin Joint
Venture Agreement on Mount Isa Project
15.12.2015 / 09:46
The issuer is solely responsible for the content of this announcement.
Deutsche Rohstoff AG: Hammer Metals and Newmont Mining sign Farmin Joint
Venture Agreement on Mount Isa Project
15.12.2015 / 09:46
The issuer is solely responsible for the content of this announcement.
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Deutsche Rohstoff: Hammer Metals and Newmont Mining sign Farmin Joint
Venture Agreement on Mount Isa Project
Heidelberg. The Australian Explorer Hammer Metals ("HMX"), 16.37% owned by
Deutsche Rohstoff, announced today that the company has entered into a
Farmin Agreement with Newmont Mining to jointly explore a 250km2 large
tenement package in the Mount Isa Region, Queensland. Newmont
(www.newmont.com) is one of the world's leading gold producers,
headquartered in Denver, Colorado. The Joint Venture targets copper gold
deposits of the IOCG type, as it is found in the nearby Ernest Henry Mine.
The Farmin Joint Venture Agreement contains the following highlights:
- The agreement covers the tenements "Overlander", "Even Steven" and
"Dronfield" which account for 250km2 of the approximately 2,000km2 of
the ground held by Hammer in the Mount Isa region.
- Newmont has the option to acquire a total share of 75% in the Joint
Venture by spending a total of USD 10.5 Mio. for exploration and
project development:
- Phase I: Newmont can earn a 35% interest in the Farmin area by
spending a total of USD 1.45 Mio. within two years of the
commencement date including a minimum of USD 500,000 of expenditure
within the first nine months
- Phase II: Newmont can elect to earn up to a 65% interest by
spending an additional USD 3.05 Mio. within two years of earning
the 35% interest
- Phase III: If Hammer does not elect to contribute to further
expenditure at this point Newmont can elect to earn up to a 75%
interest by funding additional expenditure of USD 6.0 Mio. or by
completing a feasibility study
- Until the completion of Phase II Hammer acts as the Manager of the
Joint Venture and Newmont will cover the full cost of the
exploration program
- Before the start of Phase III Hammer has the option to prevent any
further dilution below 35% by contributing it's proportionate share
of the cost. In case Hammer does not use this right, Newmont will
cover all further cost up to a total of USD 10.5 million to
increase it's ownership up to 75%.
- After completion of Phase III, Hammer can elect to participate in the
further development cost. In this scenario Hammer will remain 25% owner
Deutsche Rohstoff: Hammer Metals and Newmont Mining sign Farmin Joint
Venture Agreement on Mount Isa Project
Heidelberg. The Australian Explorer Hammer Metals ("HMX"), 16.37% owned by
Deutsche Rohstoff, announced today that the company has entered into a
Farmin Agreement with Newmont Mining to jointly explore a 250km2 large
tenement package in the Mount Isa Region, Queensland. Newmont
(www.newmont.com) is one of the world's leading gold producers,
headquartered in Denver, Colorado. The Joint Venture targets copper gold
deposits of the IOCG type, as it is found in the nearby Ernest Henry Mine.
The Farmin Joint Venture Agreement contains the following highlights:
- The agreement covers the tenements "Overlander", "Even Steven" and
"Dronfield" which account for 250km2 of the approximately 2,000km2 of
the ground held by Hammer in the Mount Isa region.
- Newmont has the option to acquire a total share of 75% in the Joint
Venture by spending a total of USD 10.5 Mio. for exploration and
project development:
- Phase I: Newmont can earn a 35% interest in the Farmin area by
spending a total of USD 1.45 Mio. within two years of the
commencement date including a minimum of USD 500,000 of expenditure
within the first nine months
- Phase II: Newmont can elect to earn up to a 65% interest by
spending an additional USD 3.05 Mio. within two years of earning
the 35% interest
- Phase III: If Hammer does not elect to contribute to further
expenditure at this point Newmont can elect to earn up to a 75%
interest by funding additional expenditure of USD 6.0 Mio. or by
completing a feasibility study
- Until the completion of Phase II Hammer acts as the Manager of the
Joint Venture and Newmont will cover the full cost of the
exploration program
- Before the start of Phase III Hammer has the option to prevent any
further dilution below 35% by contributing it's proportionate share
of the cost. In case Hammer does not use this right, Newmont will
cover all further cost up to a total of USD 10.5 million to
increase it's ownership up to 75%.
- After completion of Phase III, Hammer can elect to participate in the
further development cost. In this scenario Hammer will remain 25% owner
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