PERTH (miningweekly.com) – ASX-listed Tawana Resources has finalised the farm-in agreement with Singapore-listed Alliance Mineral Assets over the Bald Hill lithium and tantalum project, in Western Australia.
The final farm-in agreement cemented the terms of the binding term sheet, and would see Tawana spend a minimum of A$7.5-million by the end of December, on exploration, evaluation and feasibility. It would also spend A$12.5-million by the end of December 2019 to upgrade and convert the plant for processing ore derived from the project.
On completion of the initial expenditure, Tawana will be granted a 50% interest in the lithium mineral rights. Once the company has fully committed A$12.5-million in capital, Tawana will be granted a 50% share in the entire project.
Tawana in January launched a feasibility study at the Bald Hill project, which will look at a staged flow sheet to reduce the time and cost to initial production, allowing for a fast-tracked operation from the study to detailed design, construction, commissioning and concentrate production.
The study is likely to be completed by the end of March.
Edited by: Creamer Media Reporter
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