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clock Created with Sketch. 22/07/17
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Originally posted by Johnnyzadeh
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Lady Jenny - Cobalt X has right to negotiate to acquire certain fixed assets held by Corella Valley Corporation Pty Ltd [ACN 009 827 678] which together compromise a vat leech processing plant located in the vicinity of Mt. Isa, Queensland for a value to be agreed by negotiation in good faith but in any case not exceeding $1 million payable (through a combination of cash or, at the election of Cobalt X, shares of any listed entity to which the benefit of the right is assigned) on a progressive basis. The indicative commercial terms, which are subject to formalisation, provide for the majority of the consideration to be paid subject to achievement of processing milestones. The Lady Jenny plant is located approximately 16km south along the Fountain Springs Road from the sealed Barkley Highway that runs between the mining centres of Mount Isa and Cloncurry in north west Queensland. The plant, consisting of vat leaching and preliminary electrowinning facilities was constructed by Corella Valley Corporation Pty Ltd as a pilot plant for processing of complex ores in a closed loop system without the need for solvent extraction. Initial feed material was mined from the adjacent Lady Jenny pit. The existing equipment is expected to be able to be utilised (subject to upgrades and up-scaling) for the potential processing of ore from the Cobalt X Mt Cobalt stockpile and material from surrounding projects such as Lady Ethleen and Wee Macgregor. The Company has had preliminary discussions with Corella Valley Corporation Pty Ltd regarding the status of the plant and the current arrangements, and intends to progress negotiations for the formalisation of the acquisition of the Lady Jenny plant as a priority following completion of the acquisition of Cobalt X. However given the preliminary nature of the contractual arrangements there can be no guarantee that it will obtain rights to the Lady Jenny project on any particular terms, within any given timeframe, or at all.
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Thanks johny , a lot of work till we get there ( seal the deal after approvals of those leases , negotiate with corella etc etc )
Last edited by
soarer :
22/07/17
(20min delay)