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- Anax Metals (ANX) has entered into a binding royalty agreement with Anglo American Marketing for the development of the Whim Creek Project in WA
- The binding agreement involves an immediate payment to ANX of US$2 million (around A$2.6 million), with a return of 1 per cent net smelter from Anax’s production from the Whim Creek Joint Venture, which includes copper, zinc, lead and copper cathode for the life of the mine
- The payment would provide Anax with further capital for early-stage development activities, exploration and capacity to access further opportunities under the Anax strategy
- The start date for production will be contingent on a positive decision by ANX and its joint venture partner at Whim Creek, based on a feasibility study ANX is currently undertaking
- Anax Metals shares last traded at 10 cents on June 3
Anax Metals (ANX) has entered into a binding royalty agreement with Anglo American Marketing for the development of the Whim Creek Project in WA.
The binding agreement comes after Anax and Anglo American entered into a non-binding term sheet in the previous quarter.
The binding agreement involves an immediate payment to ANX of US$2 million (around A$2.6 million), returning a 1 per cent net smelter of Anax’s product from the Whim Creek Joint Venture, which includes copper, zinc, lead and copper cathode for the life of the mine.
The payment would provide Anax with further capital for early-stage development activities, exploration and capacity to access further opportunities under the Anax strategy.
The agreement also includes a proposed project funding package of up to US$20 million (around A$26 million), subject to completion of due diligence by Anglo American for the pre-production capital and other financial commitments required to develop the Whim Creek mine and associated infrastructure.
The development will include the refurbishment of existing site infrastructure, installation of new ore sorting and gravity separation circuits.
Anax has previously outlined a strategy to acquire, develop and monetise assets that complement the integration of smart sorting and associated technology, and says this agreement will be a key step in the process.
The start date for production will be contingent on a positive decision by ANX and its joint venture partner at Whim Creek, based on a feasibility study ANX is currently undertaking.
Anax Metals shares last traded at 10 cents on June 3.
Anax Metals (ANX) has entered into a binding royalty agreement with Anglo American Marketing for the development of the Whim Creek Project in WA.
The binding agreement comes after Anax and Anglo American entered into a non-binding term sheet in the previous quarter.
The binding agreement involves an immediate payment to ANX of US$2 million (around A$2.6 million), returning a 1 per cent net smelter of Anax’s product from the Whim Creek Joint Venture, which includes copper, zinc, lead and copper cathode for the life of the mine.
The payment would provide Anax with further capital for early-stage development activities, exploration and capacity to access further opportunities under the Anax strategy.
The agreement also includes a proposed project funding package of up to US$20 million (around A$26 million), subject to completion of due diligence by Anglo American for the pre-production capital and other financial commitments required to develop the Whim Creek mine and associated infrastructure.
The development will include the refurbishment of existing site infrastructure, installation of new ore sorting and gravity separation circuits.
Anax has previously outlined a clear strategy to acquire, develop and monetise assets that complement the integration of smart sorting and associated technology, and says this agreement will be a key step in the process.
The start date for production will be contingent on a positive decision by ANX and its joint venture partner at Whim Creek, based on a feasibility study ANX is currently undertaking.
Anax Metals shares last traded at 10 cents on June 3.
