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- Mineral Resources (MIN) advances activities to acquire an interest in Marquee Resources’ (MQR) West Spargoville lithium project in Western Australia
- The company completes its due diligence on the project, thereby making the previously agreed term sheet binding
- This will enable it to acquire an initial 25 per cent interest in the project by funding all exploration and development activities over two years
- The company will have the option to acquire additional interest in the project by funding certain development activities
- MQR shares are down 7.25 per cent to 6.4 cents while MIN shares were down 2.78 per cent to $44.73 at 3:52 pm AEST
Mineral Resources (MIN) has advanced activities to acquire an interest in Marquee Resources’ (MQR) West Spargoville lithium project in Western Australia.
The company completed its due diligence on the project, thereby making the previously agreed term sheet binding.
This will enable it to acquire an initial 25 per cent interest in the project by funding all exploration and development activities over two years.
This includes the completion of a feasibility study and a JORC compliant resource.
Mineral Resources has the option to acquire an additional 45 per cent interest in the lithium rights if it funds the project to a final investment decision.
Following this, it can acquire a further 26 per cent interest in the lithium rights by funding the project through to the commissioning of a mine and related facilities.
Meanwhile, Marquee will be responsible for implementing exploration and development activities.
MQR shares were down 7.25 per cent to 6.4 cents while MIN shares were down 2.78 per cent to $44.73 at 3:52 pm AEST.
