- Admiralty Resources NL (ASX:ADY) secures a transmission line contract, advancing its flagship Mariposa iron ore project in Chile towards production
- It grants the company easements and lease rights necessary for transporting electricity to the Mariposa mine
- The contract is valid for 35 years with the option for renewal
- All costs associated with the contract will be covered by Hainan Xinlei Mining Management Co
- ADY last traded at 0.6 cents
Admiralty Resources NL (ASX:ADY) has secured a transmission line contract, advancing its flagship Mariposa iron ore project in Chile towards production.
This contract grants the company easements and lease rights necessary for transporting electricity to the Mariposa mine.
Key contract terms include:
- Admiralty Minerals’ right to an easement for electricity transmission from the Agrosuper substation to the Mariposa mine.
- The option to negotiate a supplementary agreement to expand the easement if needed.
Under the agreement, Admiralty Minerals will construct, commission, and operate the transmission line, with a maximum capacity of 23kV.
The contract is valid for 35 years with a renewal option, and both parties have termination rights in case of serious breaches.
Admiralty Minerals will handle the commissioning and maintenance of the transmission line and will pay lease fees to Agrocomercial.
ADY last traded at 0.6 cents.