Horizon Minerals (ASX:HRZ) has announced it will soon kick off mining under a JV with BML Ventures Pty Ltd at Phillips Find.
An existing 200Kt toll milling agreement inked formerly with FMR Investments Pty Ltd will facilitate processing of ore. Phillips Find is comprised of two open pits.
BML will undertake management duties with Horizon to run an eye over things from the pits. BML will also “fund all project costs.”
Net cash flow, however, is 50/50 to HRZ and BML – a not terrible deal for Horizon shareholders, all things in order.
“BML will be managing and sole funding the Phillips Find JV which greatly derisks the project for the Company, particularly from a financial perspective,” Horizon CEO Grant Haywood said.
“This agreement does not require any capital from Horizon and allows us to keep our focus on our Boorara startup.”
Cannon, in the meantime – another project of Horizon’s – will be paused.
HRZ last traded at 4.2cps.