APPROVAL TO MINE ATBURBANKS NORTHHIGHLIGHTS:• Approval to mine...

APPROVAL TO MINE AT
BURBANKS NORTH
HIGHLIGHTS:
• Approval to mine received from the Department of Mines,
Industry Regulation and Safety (DMIRS; WA Mines
Department)
• Approval allows for open pits to be mined at Burbanks North
and at Fangjaw (Figure 2)
• Burbanks North forms part of the Initial Licence Area
pursuant to Exploration and Mining Joint Venture Agreement
(JV Agreement) with FMR Investments Pty Ltd (FMR)
• Under the terms of the JV Agreement, if FMR elect to proceed
with mining at Burbanks North, they then carry all mining and
financial risks.
• Also, under the terms of the JV Agreement, net profits from
mining is to be set aside in a “Future Fund” for exploration at
Burbanks
• Fangjaw, not being an Initial Licence Area, is not subject to
the JV Agreement but may be included subject to further
negotiation between Barra and FMR